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Document Testing in reaction to Consumer Duty

Consumer Duty requires firms to test their communications with customers, in order to ensure that consumers are able to: find information, comprehend the information, and that the information provided supports them to make good decisions that inform the right action for their investment objectives.

Smartphone displaying how Boring Money can help you prepare for Consumer DutySmartphone displaying how Boring Money can help you prepare for Consumer Duty

Boring Money’s qualitative research team has been working with the biggest firms in the investments sector to ensure that their documents contribute to the best outcomes for the end client.

Our Consumer Duty Tips

Download our Consumer Duty Tips for best communications practices.

What’s involved?

A typical engagement will involve:

1. Graffiti testing – respondents mark up the document to indicate what they read or don’t read, understand or don’t understand, and like or don’t like.

Graffiti testing exampleGraffiti testing example

2. In-depth interviews – after completing the graffiti testing, respondent take part in an interview with the Boring Money team to understand their written feedback and probe on their understanding on the document.

3. Boring Money analysis of both the graffiti test and interview responses – analysing in conjunction allows the team to dig deeper into the research findings and draw conclusions.

4. Key consumer feedback and practical recommendations for improvement – the Boring Money team then provide in-depth insights gathered, including any actions users may take and how these actions may or may not be appropriate for their goals. Boring Money’s experience also helps us to support firms with a practical set of recommendations for change, across various and critical document types.

Boring Money is also experienced in testing documentation with vulnerable clients and we can talk to you about additional requirements and specific approaches we take.

How long does it take?

The average lead time for a project which tests 5 documents with clients is typically 6 weeks from start to finish. We can recruit yours and your competitors’ clients quickly through our Boring Money Army.

Discover more!

Interested in this topic? Download our PDF to find out how we can help you test client documents.

Consumer Testing for Sustainable Disclosure Requirements

The FCA’s new SDR measures are designed to improve consumer understanding of sustainable investing, and to improve trust in the sector, working to avoid greenwashing.

Our SDR aligned capabilities allow us to test key fund materials such as a KIIDs / factsheets, and website / marketing materials, and any other consumer facing sustainability information on the website and communication channels.

Talk to us about our dedicated approach to SDR Document Testing, allowing you to independently assess consumers understanding of communications pieces in line with anti-greenwashing regulations.

If you’re a Platform

Contact Dan Jefferson for more information.

If you’re an Asset Manager

Contact Jim Adams for more information.

If you’re an Advice Firm

Contact Georgiana Brown for more information.

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