In episode 83 of the Growth Series podcast, Gurpreet Chahal, Corporate Account Manager at Accord Mortgages, is joined by Nick Piper, Senior Manager, Governance and Strategy at Accord Mortgages, and David Hollingworth, Associate Director, Communications at L&C Mortgages to discuss Consumer Duty.
Gurpreet begins by asking David how L&C has been getting its business ready for the implementation date, and he says the journey has been pretty smooth so far as the company has sought to get on the front foot.
Next, Gurpreet asks Nick what he’s been focusing on as he leads the implementation of Consumer Duty within Accord, and Nick says his priorities have included identifying and addressing gaps in current processes and procedures.
The conversation then turns to how the industry has come together to provide some consistency. Nick says trade bodies, lenders and distributors across the entire sector are working far more collaboratively, as they are seeing themselves as links in a chain and are working together to make that chain as robust as it can be.
Gurpreet then asks David about what the key considerations were for L&C when it put together its implementation plan, and he says defining accountability was crucial, so everyone understands what they are responsible for. David also says completing its gap analysis early was a priority, along with understanding the current customer journey so the business understands what needs to be delivered.
Next, Nick is asked about what challenges may lie on the horizon for lenders and distributors, and he believes some may be tempted to see July as the end date for Consumer Duty. Instead, he believes this should mark the beginning of a cultural change, with businesses regularly working to improve in key areas.
Finally, Gurpreet asks David and Nick what advice they’d give to other intermediaries who are working through their plan. David advises businesses to take a step back to look at what they do, before asking how they can demonstrate they deliver good outcomes. Nick agrees, adding that if businesses need more information, there is plenty of support from the FCA, such as a Consumer Duty newsletter and guidance documentation.
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00:45 to 35:44:
Introduction to the guests
How Nick and David are preparing for Consumer Duty
Consistency across the industry
Key considerations for Consumer Duty implementation plan
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Accord Mortgages Limited is authorised and regulated by the Financial Conduct Authority. Accord Mortgages Limited is entered in the Financial Services Register under registration number 305936. Buy to Let mortgages for business purposes are not regulated by the Financial Conduct Authority. Accord Mortgages Limited is registered in England No: 2139881. Registered Office: Yorkshire House, Yorkshire Drive, Bradford BD5 8LJ. Accord Mortgages is a registered Trade Mark of Accord Mortgages Limited.
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