Health Shield and Consumer Duty

Health Shield are committed to being a customer focused organisation. We place our Customers and Members at the very heart of our business. As a business, we're committed to going above and beyond for our customers. That's why we've chosen to not just meet, but exceed, the standards set by Consumer Duty regulations for all our cash plans and products.

To ensure this commitment is embedded within our culture, we have created a set of principles that mirror the four Consumer Duty outcomes:

1. Products and services

"We ensure that our products and services meet the identified needs of the target market (including those with characteristics of vulnerability), and the distribution strategy is appropriate for the target market, and is distributed correctly. By acting in good faith towards the design and distribution of our products and services, we provide our members with the products and services that are fit for purpose and enable them to pursue their financial objectives."

More information about our enhanced Product Review, Product Development process and copies of the Target Market Statements for each of our cash plans can be found here:

- Product Reviews and Product Development Process
- Classic Cash Plan (3 - 9)
- Classic Cash Plan (10+)
- Corporate Cash Plan
- Flexible Cash Plan
- Tailored Cash Plan

2. Price and value

"Our members receive fair value from their products and services, and there is a relationship between the price they pay and the overall benefit received."

To ensure we continue to comply with the FCA PROD 4 regulations, we conduct annual reviews of all our products, ensuring they meet our fair value standards. We have a robust process to amend and approve changes that are required for any products that do not meet our fair value standards.

More information - Health Shield’s Product Reviews and Product Development Process

3. Consumer Understanding

"Our members are equipped to make effective decisions through being given the information they need at the right time, in a way it can be understood and with consideration for those with characteristics of vulnerability."

Health Shield regularly reviews consumer understanding to ensure the outcomes are consistent with the Duty and within our own Management Information (MI) ‘guardrails’. If our members are not receiving good outcomes when it comes to understanding and making decisions, we seek to understand why and, where appropriate, make the necessary changes.

4. Consumer Support

"Our members, including those with characteristics of vulnerability, get the support they need, when they need it, to enjoy the full benefits of the products and services they buy. We help members to act in their interests, without any excessive friction or unreasonable barriers."

Health Shield does not believe there is a ‘one size fits all’ approach when it comes to supporting our members. We treat each member as an individual and endeavour to respond to their understanding and support their needs on a case-by-case basis. We signpost to appropriate external services when additional support is required i.e., Addiction Help - We Are With You; Mental Health Support – Samaritans and Domestic Abuse Support – Refuge.