Putting clients first
The Consumer Duty Alliance is an independent, not-for-profit community interest company aiming to help the personal finance sector successfully implement the FCA’s Consumer Duty.
Incorporating the Financial Vulnerability Taskforce, the Alliance works with practitioners and subject matter experts to help personal finance staff and regulated firms understand, meet and deliver the FCA’s Consumer Duty requirements.
The Alliance launched 9 March 2023 and is free to join for all sector professionals and firms who want to influence, share and learn from good Consumer Duty practice; from regulatory rules and expectations through to business-as-usual policies.
Why the Alliance is needed
A body such as the Alliance is needed to perform two important roles:
- Coordinate and promote good practice
There is evidence of good Consumer Duty activity within the personal finance and insurance sectors, but mainly in silos.
As an independent body the Alliance can coordinate, share and promote understanding and good Consumer Duty practice for the benefit of the wider market.
- Work for the sector with regulator and other groups
The FCA has stated that the successful implementation of Consumer Duty could lead to a potentially less prescriptive and more flexible regulatory framework.
An independent body is ideally placed to both engage with and influence the framework’s development.
This will give Alliance members greater confidence in their interpretation and application of regulator’s rules and expectations.