Newsletter - New resources help you with board reports and more

On 16 May, the FCA issued an 8-page Dear CEO letter setting out priority issues and actions that all firms should be considering ahead of the implementation deadline.

A recent FTAdviser article claimed that only 1% of advice firms have completed and signed off their annual board report on compliance with Consumer Duty, and 16% of respondents had not started or allocated ownership for drafting the report.

For many small firms, this will possibly be the first time they’ve produced such a detailed assessment of their strategies, practices and client outcomes. They may be wondering where to begin or how to determine what exactly is needed for their firm. The FCA has confirmed that proportionality will apply for small firms and two Alliance initiatives aim to help firms of all sizes demystify what’s needed to meet the regulator’s expectations. 

• Webinar: Consumer Duty board reporting – Are you ready?
  On Tuesday 28 May, we're hosting a webinar looking at what’s needed to produce a Consumer Duty board report and providing practical guidance on meeting the regulator's requirements.
  My guests are a regulatory expert from Kroll, threesixty’s CEO and a Chartered Financial Planning practitioner, so it promises to be an insightful and timely discussion. See below for more information or register here.

• New guide: Developing an effective assessment framework 
  This guide aims to make it easier for firms to plan, prepare and produce their first annual Consumer Duty Board Report.
  Produced in partnership with Kroll’s UK Regulatory Consulting team and a panel of practitioners, it’s packed with useful information, providing clear and pragmatic guidance on important subjects. Download your copy.

Next month we'll announce an exciting, new Alliance resource: a diagnostic and benchmarking tool developed with the pro-bono expertise of Model Office, available free to members of the Alliance. If you haven't signed up as an Alliance member, find out how to do so here – it’s free to join and you get unique digital badge to promote your involvement with the Alliance.

And, we’re working with Money Alive on new support to help advisers and planners meet the Consumer Understanding requirement of Consumer Duty. More information available soon.

Finally, a reminder about the Consumer Duty Leadership Awards. There are eight categories to choose from and the deadline for applications is 31 May 2024. I’m honoured to be on the judging panel and encourage all Alliance members to consider making an application.

To be recognised as a true profession - united we evolve, divided we fail!

Very best wishes,

Keith Richards, CEO, Consumer Duty Alliance and Chairman, Financial Vulnerability Taskforce

This new webinar at 11am on Tuesday 28 May aims to help firms understand what’s needed to produce a Consumer Duty board report and provide practical guidance on meeting the regulator's requirements.

Compiling the information required is unlikely to be a quick task and there's only two months until the 31 July deadline, so it's important to use the remaining weeks wisely - especially if this is the first time your firm has had to produce such a detailed assessment.

Join Keith Richards, CEO of the Consumer Duty Alliance, and his expert guests to get ideas on structuring a report, the information to include and examples of good practice:

• How firms can assess where they are in terms of board reporting.
• How to structure a Report, areas of accountability and potential pressure points.
• Information to include and how to address evidence of poor outcomes.

Book your space here, and you can suggest questions for the panel.

The time between now and 31 July will go quickly so it’s essential to understand what’s required, schedule the necessary work and ensure resources (internal or external) are in place to achieve the timescales.

A new Alliance guide Developing an effective assessment framework aims to make this process easier for firms of all sizes. 

Produced in partnership with Kroll’s UK Regulatory Consulting team and a panel of practitioners, it provides clear and pragmatic guidance on important subjects such as:

• How to prepare a firm for the report’s requirements, recognising proportionality for small firms.
• The key elements to incorporate within a board report.
• What to include in an assessment.
• How to structure the report so it’s aligned with the FCA’s expectations and sector-wide good practice.

It will be of interest to anyone with responsibility for the production of their firm’s board report, or inputting into it. Download your copy here.

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