| NEW, FREE RESOURCES FOR ALLIANCE MEMBERS
NEWSLETTER – JUNE 2024 |
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| SHARING MORE GOOD PRACTICE SUPPORT As we approach the summer months, it’s not just the weather that’s hotting up as interest in the evolution of Consumer Duty through the sharing of ‘good practice’ and implementation experiences continues to gather momentum.
For the past few weeks, my fellow directors and I have had our diaries packed with speaking engagements and Events which has resulted in lots of post event conversations and new Members/Associates/Affiliates.
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The Alliance’s reach is also extending to other sectors across Retail Financial Services. Banking and Insurance sectors are engaging us, and we’re working on a couple of collaboration initiatives with Legal and Accountancy associations.
The FCA has, this week, issued a couple of Duty related updates. The Insurance multi-firm review of outcomes monitoring under the Consumer Duty set out examples of good and poor practice to help all firms raise their standards where necessary. And it included the reminder that if firms identify any gaps in compliance with the Duty's regulations, they should act immediately and put robust plans in place to address any shortcomings. They also issued a reminder that all firms must produce an annual report for 31 July 2024 and be ready to provide it if requested, gave more information about what these should include and confirmed that, from July, they will review a broad sample of annual reports and will publish insights to help drive good practice (see "Annual Board Reports" on this webpage for more information).
New Member Support - To mark Consumer Duty's first anniversary, we’ve also been busy working with expert Affiliate Members to provide firms with a variety of practical and topical support, most recently: - Free diagnostic tool to benchmark Consumer Duty activity
This new Consumer Duty focused diagnostic tool aims to help members benchmark their activity against all of the FCA’s Duty requirements. Perfect timing for those preparing annual reports. Thanks to award-winning AI RegTech platform Model Office for developing this tool. Get your free diagnostic tool. - Free videos to help you evidence consumer understanding
This new video boxset, produced by award-winning video technology company Money Alive, enables Alliance members to send clients interactive educational video experiences on the universally important topics of investment risk and scams, then evidence their engagement and understanding. Register for your free boxsets. - New guide: Developing an effective assessment framework
This guide aims to make it easier for firms of all sizes to plan, prepare and produce their first annual report on Consumer Duty performance. 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 free copy. - Retirement Income Thematic Review - Good Practice Checklist
We've worked Foundation Affiliate Legal & General to produce this handy Retirement Income Checklist. Created for firms with retirement income as a targeted market, the checklist includes recommendations and 'must do's' across everything from cashflow modelling to risk profiling. Download your free checklist.
Since our last newsletter, we've held meetings with Treasury Select Committee MP, City Minister, Bim Afolami and FCA but most discussions have been suspended until after the general election – more updates to follow.
If you’d like to share your experiences, provide feedback for FCA on specific matters or challenges or would like to see more focused support in a specific area, please let us know using this Enquiry form.
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 |
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We've teamed up with award-winning AI RegTech platform Model Office to launch a new Consumer Duty focused diagnostic tool. It could prove invaluable if you’re preparing your annual report, or just want to benchmark your activity against all the FCA's Duty requirements. The tool is free to Alliance members, easy to use and offers a variety of benefits including:
- Diagnostic question sets enabling firms to benchmark their performance against the Consumer Duty.
- Aggregated dashboards, breaking down the Duty into its constituent parts.
- Automated gap analysis and audit reports via a real-time action tracker platform so firms can evidence actions taken to improve performance.
- Links to relevant regulatory and Alliance resources, including good practice guidance, helping firms to improve and validate their implementation plan.
- Financial resilience diagnostic for firms to gain automated guidance on their financial KPIs and strength.
As we approach the first anniversary of Consumer Duty, many firms will be completing their annual strategy report. This tool makes it easier to evidence your firm's progress on meeting the Duty’s regulations and identify whether any gaps remain.
Get your free diagnostic tool. |
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Evidencing consumer understanding of financial concepts is a key requirement of Consumer Duty, and a new resource can help you achieve that.
This new video boxset enables Alliance members to send clients interactive educational video experiences on the universally important topics of investment risk and scams, then evidence their engagement and understanding.
Award-winning video technology company, Money Alive is offering all Alliance members an exclusive free version of their popular Office product which includes two box sets: - Investment Risk
A new box set suitable for both for new and experienced investors, it's designed to work alongside a firm’s risk profiling tool of choice. - Protect Yourself From Scams
This popular box set educates viewers about the ever-increasing threat of scams and how they can reduce the chances of becoming a victim.
Both videos include the Money Alive Office reporting feature which helps firms evidence a client’s engagement and understanding.
Register for your boxsets. |
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There are just a few weeks until 31 July 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.
This Alliance guide Developing an effective assessment framework aims to make the 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: - Preparing a firm for the report’s requirements, recognising proportionality for small firms.
- The key elements to incorporate within the annual report.
- What to include in an assessment.
- Show to structure the report so it’s aligned with FCA expectations and sector-wide good practice.
Download your copy. |
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| New care platform helps your clients get the guidance they need
My Care Hub is a new resource designed to help all firms support clients through their full care journey, whether they're carers or need care themselves.
It also supports your approach to Vulnerability and Consumer Duty.
The response has been extremely positive and a 20% Early Bird Discount is available until 31 July 2024.
To learn more about how My Care Hub can help your firm and its clients, look for the launch webinar at the bottom of this webpage. |
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| Succession planning and attracting new talent to the profession
Hardly a week goes by without a news story highlighting the need for more to be done to attract the next generation of advisers.
The New Talent Alliance aims to do just that and brings together a cross-sector steering group incorporating all three qualifications bodies, recruiters, trainers, Financial Planners and established academies to share good practice and create a strategy of support for the wider community.
Chaired by Tom Hegarty (MD of M&G Wealth Advice, previously MD of the SimplyBiz New Model Business Academy), with Secretariat support from John Sommerville (Director of Financial Services at The London Institute of Banking & Finance), the wheels of becoming more united without losing the importance of individual initiatives and healthy competition are beginning to turn.
The New Talent Alliance will soon have its own section of the Consumer Duty Alliance website, providing more information and support. |
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| Retirement Income Thematic Review - Good Practice Checklist
This handy good practice checklist aims to help you stay on top of the FCA's Thematic Review into Retirement Income Advice, and ensure you're enabling the best financial outcomes for your clients.
Created for firms with retirement income as a targeted market, the checklist includes recommendations and 'must do's' across everything from cashflow modelling to risk profiling.
Thanks to Foundation Affiliate Legal & General for their support in producing this guide.
Download your checklist. |
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| “Artificial Intelligence in Financial Advice” conference
The new event is designed to help advice firms understand how AI technology can deliver enhancements and efficiencies to their businesses.
Join AdviserSoftware.com on 10 July 2024 for an event that includes up to 24 software vendors competing in a “Battle of the Tech”, and plenary sessions addressing: - The role of AI in client onboarding
- How AI can help adviser compliance
- Demonstrating ongoing advice using AI & related technologies
Find out more. |
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NOT GOT YOURS YET? FIND OUT WHICH IS RIGHT FOR YOU |
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© 2024 The Consumer Duty Alliance.
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