{"id":2572,"date":"2023-08-28T10:08:05","date_gmt":"2023-08-28T10:08:05","guid":{"rendered":"https:\/\/cmaclaims.co.uk\/?p=2572"},"modified":"2023-09-28T10:11:57","modified_gmt":"2023-09-28T10:11:57","slug":"praise-for-proactive-approach-to-fca-consumer-duty","status":"publish","type":"post","link":"https:\/\/cmaclaims.co.uk\/praise-for-proactive-approach-to-fca-consumer-duty\/","title":{"rendered":"Praise for Proactive Approach to FCA Consumer Duty"},"content":{"rendered":"<p>Claims Management &amp; Adjusting (CMA), the\u00a0UK\u2019s\u00a0oldest\u00a0loss adjuster specialising in vehicle-related insurance, has been praised for its \u201cproactive\u201d approach to the new Financial Conduct Authority (FCA) Consumer Duty standard.<\/p>\n<p>The finance regulator\u2019s first new Consumer Duty rules come into force on 31 July 2023, requiring firms \u201cto put their customers\u2019 needs first\u201d. CMA began building up to this deadline in Q4 2022, engaging with the\u00a0purpose of the Duty, and has helped its clients do the same.<\/p>\n<p>Malcolm Clemitson, Claims &amp; Compliance Director at Eridge Underwriting Agency, said: \u201c<em>CMA have been extremely proactive with regards to the rules and spirit of the FCA\u2019s new Consumer Duty. We had no hesitation in agreeing their work in this critical area which made already efficient processes even more transparent, to the benefit of our policyholder<\/em>s.\u201d<\/p>\n<p>Philip Swift, a former detective and now managing director of CMA, commented: \u201cAs with the Data Protection Act, while others simply seek to comply with it, we have gone further by actively embracing Consumer Duty. We applied\u00a0its principles\u00a0to every aspect of our service, which led to some important improvements, notably in terms of clarity and\u00a0efficiency.<\/p>\n<p>\u201cThe biggest area of complaint in claims handling is processing speed. Following a car crash or theft, policyholders are understandably keen to get their insurance claim resolved quickly.\u00a0Our job is to provide due diligence, by obtaining and corroborating information. After reviewing our Claims Help advice through the lens of Consumer Duty, we recognised it could be much more user friendly, so we made significant changes.<\/p>\n<p>\u201cFor example, our new Quick Claim Checklist \u2013 a free download \u2013 helps consumers to see at-a-glance what data we commonly request. It is split into three sections \u2013 about you, about the vehicle and about the event. To complement this, our revised Claims Help webpage explains in layman\u2019s terms exactly why we need each piece of information and, importantly, how the claimant can find it. Getting a full checklist to us promptly can shave days, even weeks, off the claim settlement timeline \u2013 better for us and certainly better for the motorist.\u201d<\/p>\n<p>For more on CMA\u2019s new Claims Help guidance see: <a href=\"https:\/\/cmaclaims.co.uk\/help\/\">https:\/\/cmaclaims.co.uk\/help\/<\/a><\/p>\n<p>For more on the FCA\u2019s Consumer Duty see: <a href=\"https:\/\/www.fca.org.uk\/firms\/consumer-duty\">https:\/\/www.fca.org.uk\/firms\/consumer-duty<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Claims Management &amp; Adjusting (CMA), the\u00a0UK\u2019s\u00a0oldest\u00a0loss adjuster specialising in vehicle-related insurance, has been praised for its \u201cproactive\u201d approach to the new Financial Conduct Authority (FCA) Consumer Duty standard. The finance regulator\u2019s first new Consumer Duty rules come into force on &hellip;<\/p>\n","protected":false},"author":2,"featured_media":2566,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[32,28],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Praise for Proactive Approach to FCA Consumer Duty -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cmaclaims.co.uk\/praise-for-proactive-approach-to-fca-consumer-duty\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Praise for Proactive Approach to FCA Consumer Duty -\" \/>\n<meta property=\"og:description\" content=\"Claims Management &amp; Adjusting (CMA), the\u00a0UK\u2019s\u00a0oldest\u00a0loss adjuster specialising in vehicle-related insurance, has been praised for its \u201cproactive\u201d approach to the new Financial Conduct Authority (FCA) Consumer Duty standard. 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