TISA launches best practice guide to help firms deliver Targeted Support effectively
Today, TISA has launched a best practice guide to help its members turn the Targeted Support regulatory framework into practical, scalable services that deliver better outcomes for consumers.
Developed collaboratively with its members, the guide brings together practical considerations for firms offering or preparing to offer Targeted Support, with a particular focus on how firms can turn the new regime into practical, well-governed services for consumers.
The guide also makes recommendations to firms to ensure Targeted Support works effectively for vulnerable customers, including how firms can recognise and respond to different needs without unnecessarily excluding people from support.
Sophie Legrand-Green, Head of Policy – Consumer Protection & Access at TISA, commented:
“Targeted Support has the potential to transform the way millions of people receive help with saving, investing and retirement decisions, but its success will depend on firms being able to translate a new regulatory framework into services that work effectively in practice.
While no single model will work for every firm or every consumer, those offering Targeted Support will need to demonstrate clear governance and a consistent focus on ensuring consumers are left in a better position. Vulnerable customers in particular must not be unnecessarily excluded from the benefits of Targeted Support and may require different safeguards, communications or routes to support.
Our guide brings together the collective experience of TISA members to help firms address some of the practical questions that arise when designing and operating Targeted Support. We will continue developing the guide as the market evolves and firms gain more experience of delivering these services.”
The guide considers practical implementation across areas including:
- Product and service governance, including the design and oversight of consumer segments, ready-made suggestions and customer journeys.
- Customer understanding and outcomes, including communications, monitoring and the identification of foreseeable harm.
- Vulnerable customers, including how firms can build vulnerability considerations into service design and monitoring.
- Data governance and privacy, including the use of customer data, triaging, opt-outs and record keeping.
- Accountability and oversight, including SM&CR responsibilities and the respective roles of the three lines of defence.
The guide is intended to support firms in applying the Targeted Support framework proportionately within their existing governance arrangements, while recognising that different business models and consumer needs will require different approaches.