Regulatory Evidence
IIC assessments provide an excellent way to gather independent evidence to satisfy your industry regulator that you meet their standards.
IIC work with clients in the financial services sector to help them meet the needs of Consumer Duty and social housing in respect of Tenant Satisfaction Measures and also other professional services to meet their own regulatory demands.
If you would like to discuss evidencing and assessing another regulatory industry, please contact us.
Consumer Duty
Consumer Duty is the new framework that dictates the level of care regulated firms must provide, ensuring they act in the interests of consumers through the full life cycle of the products or services they offer.
It is comprised of a Consumer Principle defining overall standards, three Cross Cutting Rules defining an expected structure of behaviours, and Four Outcomes that all consumers should expect:
Four ways of analysis:
1. Four Outcome Assessment
A one-off (but repeatable) email survey to a group of customers identifying a stage in the product life-cycle, and analysing company performance vs one or all of the Four Outcomes.
2. Consumer Document Testing
Document understanding testing via email surveys, asking clients to review documents to test clarity and gain feedback.
3. IIC 360 Consumer Duty Assessment
IIC's traditional Insight360 assessment with the addition of Consumer Duty specific questions.
4. Internal Gap Analysis
Analysis through an internal survey around how well the organisation performs versus the key business drivers of Consumer Duty
Tenant Satisfaction Measures
In April 2023 the Regulator of Social Housing (RSH) issued a directive to Housing Associations requiring them to measure how satisfied their tenants were and to report their findings each year.
We can do this in three ways:
1. Foundation
A one-off annual survey of tenants that includes the 12-questions designated by RSH plus additional, free text, questions designed to capture tenant’s sentiment and qualify the core reasons that drive their satisfaction (or dissatisfaction) with the services provided.
2. Essential
Four quarterly surveys each year that captures the evidence required by TSH, together with additional information required by the HA, and monitors trends over the course of the year and the impact that improvements to the root causes of poor services are having.
3. Advanced
An ‘always-on’ managed programme that captures tenant’s perception after each key touch point, providing real-time feedback to the housing managers, allowing them to take immediate action (where required) and to understand what they are doing well so it can be replicated across all households.