Communications testing to support Consumer Duty

Consumer Duty requires firms to test their communications with customers to ensure that consumers can find information, comprehend the information, and that the information provided supports them take the right action for their investment objectives.

Our Research team has vast experience advising asset managers, platforms and advice firms/wealth managers on good communications that are compliant with Consumer Duty and support good customer outcomes.

We have tried-and-tested methodologies of communications testing, assessing responses and providing priority recommendations.

We have run everything from small projects (testing a few key pieces of communications in depth) through to bigger ongoing programmes of testing a wide range of comms. Whatever the size of the project, we're happy to discuss your needs and recommend the best approach.

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.

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 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. Get in touch to discuss additional requirements and tailored approaches.

How long does it take?

The average lead time for a project testing 5 documents is typically 6 weeks from start to finish. We can quickly recruit both your clients and competitors through our proprietary research panel.

Our Consumer Duty Tips

Download our Consumer Duty Tips for best communications practices.

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