28 June 2024
Cardiff and Vale Credit Union Wins ‘Leadership in Consumer Finance’ Award at Consumer Duty Leadership Awards
We are thrilled to share an exciting update following our recent announcement! Cardiff and Vale Credit Union has won the ‘Leadership in Consumer Finance’ category at the Consumer Duty Leadership Awards.
The Consumer Duty Leadership Awards celebrate organisations that prioritise customer needs and strive to improve consumer outcomes across financial services. "Our team and board have put their hearts into prioritising our members, and winning this award truly reflects their dedication,” said our CEO. “We couldn't be prouder of this achievement and are deeply grateful for our Cardiff and Vale community.”
What is the Leadership in Consumer Finance category?
The judges evaluated us on four key criteria. Firstly, they looked at how we put our customers' needs first, our engagement with customer problems, understanding and addressing their needs, and incorporating their feedback to deliver positive outcomes. Secondly, they considered our efforts to go above and beyond the regulatory expectations by making continuous improvements that go beyond the standard compliance. Thirdly, the judges examined the cultural embeddedness of the Consumer Duty within our organisation, seeking evidence that this commitment is happening across all levels and departments, reflecting our ethical nature. Lastly, they assessed our innovative approaches to implementing the Consumer Duty, looking for creative and forward-thinking strategies, including the use of new technologies and tools.
We impressed the judges with their overall commitment to the Duty by introducing new procedures, innovation, extensive training and regular monitoring of progress. These new procedures embedded a culture of good faith, best practice and excellent customer service into the organisation. In addition, social media marketing regularly featured information on financial wellbeing and literacy. Finally, a redesigned plain language website and app has made financial information easier to understand and more accessible.
What is the FCA's Consumer Duty Regulation?
he FCA rules require firms to consider the needs, characteristics and objectives of their customers – including those with characteristics of vulnerability – and how they behave, at every stage of the customer journey. As well as acting to deliver good customer outcomes, firms will need to understand and evidence whether those outcomes are being met. Read more about the FCA Consumer Duty Regulation here: Consumer Duty | FCA
Our dedication to our members is at the heart of everything we do, and this recognition reflects our unwavering commitment to delivering excellent service and outcomes. We are honoured to help the people of Wales, and will continue doing so at a high standard.
