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Newsletter - Communication and the importance of working together

Newsletter - Communication and the importance of working together

COMMUNICATION AND WORKING TOGETHER



 

NEWSLETTER – FEBRUARY 2024


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ENGAGEMENT AND COMMUNICATION IS KEY

As mentioned in last month's newsletter, the Alliance regularly engages with the FCA on a variety of topics and provides a two-way communication pathway for members. Our recent survey at the request of the FCA to assist their communication strategy for 2024, attracted nearly 450 responses from you…proving just how important communication and engagement is!  

 

Opportunity for All Firms to Engage
Many Alliance Affiliates and various sector trade bodies also actively engage with the FCA, some on a firm specific basis, others to represent their respective members.

 

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


New legislation - Carer's Leave Act

 

From 6 April 2024, all employees have the right to take up to one week’s unpaid leave in any 12-month period to give or arrange care for a dependent with a long-term care need.

 

There is no minimum service requirement to qualify for this right, and the Act applies to England, Scotland and Wales. 

 

Is your firm ready? And your business clients? Find out more.


 

Is your firm keen to understand more about the business opportunities and threats of artificial intelligence (AI) and the factors to consider?

 

In this Consumer Duty Alliance Technology Forum, Ian Mckenna and his expert guests will discuss different types of AI, the risks to consider (including Consumer Duty), examples of practical AI uses and benefits, and how to get started.

 

Find out more and book your space.


A new career advice community 

 

FutureFinancial Adviser is a new online community offering career advice and job opportunities within the financial advice sector. It aims to encourage people into the profession, and help people within the profession to develop their career.

 

It’s a collaboration between M&G Wealth Advice, St. James’s Place, Quilter and Money Marketing to help nurture the next generation of financial advisers. 

 

Find out more.


Sharing vulnerability data   

 

Utility providers already share vulnerability data, or are working towards it – what should financial services firms do? What are the GDPR issues? How will consumers feel about it? How technically complex is this? 

 

This webinar looks at the needs, benefits and risks of firms sharing vulnerability data, how it might work and whether it's simply inevitable


Book your space.


Just vulnerability guide 

 

This vulnerability matters guide will assist you with tools and information to support the wellbeing of your vulnerable clients.

 

It will help enhance your knowledge of:

  • The vulnerability spectrum
  • The drivers and characteristics of vulnerability
  • How to spot the signs of vulnerability
  • How to support vulnerable clients through the use of models such as IDEA and BRUCE.

Get your copy.


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