What do we mean by Consumer Understanding and Consumer Duty?
Consumers form the base of the Financial Services Sector profile. Consumers purchase retail financial products (such as mortgages and insurance) and are not considered expert users. Therefore, consumers are given extensive protection through requiring financial sector firms to comply with the conduct of business rules.
Overarching this (and a new requirement in 2023) is the Consumer Duty – PS 22/9.
How does this relate to flood risk?
Climate risks such as flooding are highly relevant to consumers, for example, in relation to their properties which may be subject to a mortgage and for which they may purchase buildings insurance. Improved risk data will identify these risks and assist in consumer understanding and the avoidance of foreseeable harm.
How can GeoSmart Information help?
Using our FloodSmart Analytics tool, GeoSmart can provide a report for an individual property outlining the potential risk of flooding to the property and what this means for the consumer.
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