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Consumer Duty

20/07/2023

At Marsh, we put the customer at the heart of everything we do. For over 150 years, customers have trusted Marsh to advise them and help them prosper amid times of great change and challenge. Successfully navigating the risk landscape requires a commitment to take on the challenges of our time. Our purpose is to help colleagues and customers grow – and communities thrive – by protecting and promoting possibility.

With possibility as our purpose, we will continue to inspire, advise, and drive the opportunities of tomorrow for our customers, communities, and one another as we recognise:

  • There isn’t one “right way” to do something, nor should we default to the way we’ve always done it. We will look for the possibilities.
  • Possibility promotes the ability to be curious and open in the way we solve problems.
  • Possibility means that we adapt as the environment changes.

Adherence to our purpose ensures we remain focussed on delivering the highest standards of service across the entire lifecycle of our products and services. We have well-established frameworks embedded within the business, which ensure we are compliant with regulatory requirements. The Consumer Duty has afforded us the opportunity to further review our approach.

Statement by the Board of Marsh Ltd on the Consumer Duty

The Consumer Duty, effective from 31 July 2023, sets higher and clearer standards of customer protection across financial services and requires firms to put their customers’ needs first. The Financial Conduct Authority (“FCA”) wants to see firms consistently placing customer interests at the heart of their business - at every stage of the customer journey.

The Duty raises the standard of care afforded to all customers and where rules specifically reference customers with characteristics of vulnerability, they do so in a way that is consistent with, and informed by, the FCA guidance on the fair treatment of vulnerable customers. This is enshrined in Marsh McLennan's code of conduct, The Greater Good, which emphasises our commitment to professionalism, understanding and knowledge of our customers and being there in the moments that matter.

Marsh’s approach to the implementation of the Consumer Duty is summarised below, as is our commitment to continuously improve our delivery of good customer outcomes.

  • Engaged with our Board to shape our Consumer Duty programme.
  • Defined what we mean by good outcomes. 
  • Documented customer journeys and touchpoints, including third parties, to ensure support is provided at the right time and the products and services meet their needs.
  • Enhanced our fair value assessments to ensure our products and services continue to offer fair value.
  • Reviewed key customer communications to ensure we use simple, easily understood language that is appropriate to the target audience and accessible to customers who may have specific needs.
  • Simplified processes for customers when making a change, notifying a claim, or reporting a complaint.
  • Enhanced performance monitoring to ensure we maintain the highest levels of service and support, in particular for vulnerable customers, and processes are in place for continuous improvement.

A key part of the Duty is to assess, test, understand and evidence whether we are meeting and responding to the needs of customers. We have processes in place to adapt and change products and services, or policies and procedures, to address any risks or issues identified and make improvements. This is an ongoing commitment as we look to continuously improve our business to provide our customers and our board assurance that we are meeting the Duty requirements.

What is Marsh doing to support our vulnerable customers?

Everyone’s circumstances are different and there are various circumstances in which a customer maybe considered vulnerable or in need of extra support.

If you have any specific needs or requirements, or you’re having difficulties you’d like to talk to us about, please advise your Marsh contact so we can gain a better understanding of your individual needs and do our best to assist you, whether it's by providing accessible documents, or giving you a little extra support. With your consent we can flag your account so that we can respond to your needs appropriately when we re-connect in the future.

We’re committed to providing support and services that are accessible and inclusive for everyone. This means that we are continuously making improvements where you’ve told us something isn’t working or where there are unintentional barriers in your way. Please visit our accessibility support page or use our feedback tool to let us know your feedback.

Chris Lay

Chris Lay

Chief Executive Officer, Marsh McLennan UK

Chris was appointed CEO of Marsh McLennan UK in March 2023 working with our businesses – Marsh, Mercer, Guy Carpenter, & Oliver Wyman - to accelerate impact for our clients. Chris also serves as CEO of Marsh UK, a role he has held since 2018.