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Newsletter - New Alliance event includes opportunity to engage with FCA

Newsletter - New Alliance event includes opportunity to engage with FCA

NEW ALLIANCE EVENT IS  OPPORTUNITY TO ENGAGE WITH FCA 



 

NEWSLETTER – AUGUST 2024


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THE EVOLUTION OF FINANCIAL PLANNING

Last month, the FCA marked the first anniversary of Consumer Duty’s implementation with a conference at their London HQ, attended by the CDA, and a live-streamed online version. We also participated in breakout sessions following the main event.


In an informative event the FCA shared examples of changes delivering significant customer and client benefits in Consumer Duty’s first twelve months, as well as good practice ways of working that all firms should look to adopt if they’re not doing so already.

 

We've pulled together the webinar's main points including the regulator's perspective, observations and findings, and practical insights for firms in this highlights document.

 

Your chance to influence regulatory change 

During the event, the FCA also referenced their recent Call for Input. The FCA is inviting views on whether, where and how they can refine their retail conduct rules, while ensuring they continue to support and protect consumers. They particularly want to address potential areas of complexity, duplication, confusion, or over-prescription, which create regulatory costs with limited or no consumer benefit.

 

This is an important initiative and a great opportunity for all retail financial services firms to share their thoughts and experiences. The deadline for comments is 31 October and I encourage all members to feed in to this review, either via the online response form, post or email.

 

First conference - Consumer Duty and The Evolution of Financial Planning 

Dedicated to the evolution of the profession, the Alliance’s first in-person event takes place on Friday 11 October at the National Motorcycle Museum, near Birmingham. 

 

Consumer Duty and the Evolution of Financial Planning will focus on the evolving and growing importance of professional advice in an ever-changing landscape, what it means for smaller advice firms and an opportunity to hear and interact with the FCA.

 

It’s a free to attend event for firms of up to around 20 people, whether directly authorised or appointed representatives, who often find it hard to interact with the FCA and share Consumer Duty experiences, challenges and successes. The event will combine keynote presentations from the FCA, sector leaders and practitioners, panel discussions and interactive sessions. 

 

Visit this page for more information and to book your ticket.

 

New Talent Alliance making waves 

As I hinted last month, the New Talent Alliance (NTA) is already beginning to make its presence felt and, in the last couple of weeks, has featured in a variety of articles by major trade publications. The articles are all featured on the NTA’s LinkedIn page, so make sure you’re following them if you’re interested in ideas for recruiting and developing staff.

 

Thanks to everyone that’s joined the Consumer Duty Alliance as an Individual Member, Associate Member or Affiliate – such broad support really is helping us reach out to people who can help the sector demonstrate good practice in meeting the Duty’s requirements and grow business opportunity. If you’re not yet part of the Alliance, discover how to get involved here.


Finally, I am delighted to announce the appointments of Vanessa Barnes, Chartered Financial Planner and Adam Owen to the board of the CDA, with Adam also appointed as Chief Membership Officer.

 

Very best wishes,

 

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


 

The Consumer Duty Alliance is delighted to announce its first in-person event on Friday 11 October 2024 at the prestigious National Motorcycle Museum, near Birmingham. 

 

Consumer Duty and the Evolution of Financial Planning will focus on the evolving and growing importance of professional advice in an ever-changing landscape and what it means for smaller advice firms.

 

The event will combine keynote presentations from the FCA and practitioners, panel discussions and interactive sessions. It gives attendees the opportunity to:

  • Hear personally from the regulator
  • Share and learn from good practice
  • Network with hundreds of financial professionals
  • Gain practical insights to evolve and achieve greater success in 2025 and beyond.

This first of its kind event is free to attend for firms of up to around 20 people, and numbers are limited.

 

See the agenda and book your space.


 

The FCA marked the first anniversary of Consumer Duty’s implementation with a conference at their London HQ, attended by the CDA, and live-streamed at the same time. 

 

The hour-long webinar focused on the topics below and featured senior figures from the FCA and the Financial Ombudsman Service:

  • The impact the Duty has had in its first year 
  • Examples of good practice and areas for improvement
  • FCA priorities for the year ahead 

Read this new Alliance document for a summary of the event highlights.


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, and ensure you're enabling the best financial outcomes for your clients. 


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.


Financial Advice Forum: Optimising client centric advice in uncertain times

 

This event brings together financial advisers, paraplanners, wealth managers and others to discuss key issues including regulation, investments and pensions amidst political and economic uncertainty.


Speakers include our CEO, Keith Richards, and it takes place in London on 24 September 2024. Key discussion points include:

  • Later-life planning innovations
  • Strategies to grow your client base
  • Harnessing AI for better client services
  • Consumer Duty a year on, and more.

Book now



New Guide to Retirement Income Advice

 

Adviser Home's new guide, prompted by the FCA's review paper earlier this year, is an independent assessment of the issues and practices around retirement income advice and includes practical pointers as to where current practices may need to alter.

 

In brief this substantial guide includes: 

  • Expert and adviser views on the review
  • Withdrawal rates by pot size
  • Adviser research and case study
  • Ten key takeaways 

You can access this free guide here


 

Evidencing consumer understanding of financial concepts is a key requirement of Consumer Duty, and a new resource can help you achieve that.

 

Award-winning video technology company, Money Alive is offering all Alliance members a free version of their popular Office product.

 

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.


Both videos include the Money Alive Office reporting feature which helps firms evidence a client’s engagement and understanding.

 

Register for your free boxsets.


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© 2024 The Consumer Duty Alliance.