Consumer Understanding

Lenders and insurers place reliance on consumers understanding what they can do to prepare for and respond to a flood. Our data and reports can inform and educate consumers.

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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UK property transactions used GeoSmart data.

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Value of properties advised on flood risk

James Robinson and the team at Geosmart, provided prompt, considered, constructive, and creative support to me during a very complex and difficult flood risk assessment. Excellent assistance!!!

Individual Developer

This is the best £120 I have ever spent. One phone call and immediately I had an opportunity to speak with the Data Manager who helpfully explained their services. A few hours later a conference call with three experts talking me through their findings, the risks and answering any concerns as we went. To say I am grateful is an understatement and I will not hesitate to recommend or use their services again!

Individual Developer