Diversity and inclusion is a key dynamic of our profession and the public we serve. It’s important to acknowledge therefore, that views and feedback can naturally differ but we can all demonstrate a united Alliance in delivering good Consumer Duty outcomes.
The FCA has expressed how important it is for them to hear from firms of all sizes, not least because 80% of the sector’s 5,500 firms are classified as ‘small firms’, who might otherwise be under represented. The Alliance is a platform to ensure that everyone can have a voice and works collaboratively with established bodies across the sector!
Your Input to FCA Communications Strategy
The FCA is developing an adviser communications strategy and wants to get the views of advisers and intermediaries. They recognise that the communication needs of smaller firms can be very different to larger firms.
Almost 450 Alliance members contributed and the response breakdown shows that working with the Alliance has helped give a voice to many of the smaller firms within the personal finance sector.
- 61% of Alliance respondents were from firms with less than 5 advisers
- 18% from firms with 5-10 advisers
- 5% from firms with 11-14 advisers
- 15% from firms with more than 15 advisers.
A huge thank you to everyone who completed the survey - we've sent the full results to the FCA and look forward to further engagement with them over the coming weeks – we will feed back to members accordingly.
Advice Guidance Boundary – whilst past attempts to address the advice-gap have failed, this time the joint endeavours of government and FCA will ensure that we see meaningful change. The Alliance has contributed to various responses and sector discussions. We will be submitting a response directly and encourage anyone with an interest to contribute. 28 February is the deadline and the FCA has produced an online response form to enable this process.
On the subject of communication, I’d like to highlight our next Forum:
- Technology Forum, 22 February at 12:00-13:00 – Ian Mckenna and his expert guests will discuss how advice firms can adopt artificial intelligence, the risks to consider (including Consumer Duty) and its practical benefits.
Also, some of our Affiliate partners have produced a variety of support materials that may be of interest to you, please see below for more details.
Lastly, action required! The Carer's Leave Act deadline is 6 April 2024 and affects all employers. Later this month the Alliance will issue a Good Practice Guide that sign-posts guidance regarding this impending deadline which impacts all employees and firm Principals. More details below,
Please make sure you’re following us on LinkedIn and X (Twitter) to get the latest news about Alliance activity.
Very best wishes,
Keith Richards, CEO, Consumer Duty Alliance and Chairman, Financial Vulnerability Taskforce