The four outcomes provide the rules and guidance setting more detailed expectations for firm’s conduct covering:
This outcome requires that communications are easy to understand, provide a balanced picture of the product, including the benefits, cost and risks. This includes providing the customer with everything they need in a timely way so that they can make an informed decision whether to proceed.
Products and Services
The products and services a firm offers should meet the needs, characteristics, and objectives of the customers that they are targeted at.
Price and Value
Products and services should be a fair price. But it’s not all about price, firms are also required to assess the value of the policy and the benefits it provides.
Consumers should receive support throughout the life of a product or service provided. This includes making it just as easy for a customer to get in touch to cancel or change a policy as it is to purchase, through the same channel.