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Newsletter - FCA updates, New free diagnostic tool and New webinars

Newsletter - FCA updates, New free diagnostic tool and New webinars

VALUABLE NEW RESOURCES FOR ALLIANCE MEMBERS



NEWSLETTER – OCTOBER 2024


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FCA UPDATES, NEW FREE DIAGNOSTIC TOOL AND NEW WEBINARS

As we approach the festive period and new year there appears to be no let-up in activity and an increasing demand for financial advice!

 

We have seen two important updates from the FCA and I’m pleased to announce the launch of a new, Consumer Duty diagnostic tool which is free to access for all Alliance members. We’re also running a variety of topical webinars in December. 

 

Multi-firm review of life insurers’ bereavement claim process

Have you reviewed the FCA’s findings of positive intent within firms to continuously improve client outcomes in the bereavement process and their concern that many firms have more work to do in rectifying poor and slow service?


Although insurers’ claim processes are a significant factor in the overall experience of bereaved consumers, advice firms also have a key role to play under the Duty; especially in respect of the consideration and recommendation of protection against evident needs and supporting clients prior to, and in the event of, a death. 


Guidance is on hand – download this good practice guide created by the Financial Vulnerability Taskforce with input from practitioners and sector experts including L&G. It includes over 30 examples of practical actions to help clients and links to almost 100 organisations offering specialist support.


Download your guide to supporting bereaved clients.


FCA, HMT and sector working together to increase access to advice!

The FCA has also published an update on their proposals for closing the advice gap. It summarises the feedback they received from over 100 written responses and outlines their plans for further consultation:

  • December 2024 - high-level proposals for targeted support for pension savers
  • First half of 2025 - rules for better support for consumers in retail investments and pensions.

Read the full update here.


New diagnostic tool helps firms assess CD progress and business opportunities

This new tool is designed to help firms assess, quantify and easily report on their client-centric readiness and compliance status, and identify opportunities for sustainable business growth.

 

Developed by the Consumer Duty Diagnostic, in partnership with the Alliance, it’s free to use, takes around 10 minutes to complete, and enables firms of all sizes to assess themselves against the Duty’s four outcomes and other key factors such as culture and client advocacy. 

 

Upon completion, users immediately receive a personalised report recommending appropriate actions to meet Consumer Duty requirements and explore new commercial growth opportunities.

 

Get access to the tool here.


Upcoming webinars covering a variety of important topics - save the date

  • Consumer Duty: Staying one step ahead of the FCA in 2025
    Some firms might unintentionally be sitting back, waiting on the next Dear CEO letter, or the latest FCA review before addressing gaps or areas for improvement in their approach to Consumer Duty – the key message is don’t.

    The FCA acknowledges that some change is evolutionary but will want to see a plan in place. Firms not recognising that their data and MI can be improved, or delaying enhancements to their fair value assessments, or defending current approaches to client vulnerabilities run the risk of inviting greater FCA scrutiny on their approach to Consumer Duty.

    Join me and the CEO of Elephants Don’t Forget on Tuesday 3 December for this webinar to understand how and what your firm can do to get ahead of the FCA’s expectations in 2025.

    Book your space here.

  • Consumer Duty reality: How to effectively monitor and evidence consumer outcomes
    Consumer Duty requires firms to monitor the quality of the outcomes their clients receive. Establishing a proportionate framework to test and review this for each of the Duty’s outcomes, vulnerability, etc can be challenging.

    In this live webinar on Tuesday 10 December, members of the Association of Professional Compliance Consultants will discuss the practical steps firms can take to ensure they have the right framework in place to monitor outcomes effectively, and highlight lessons from recent FCA supervision findings.

    Book your space here.

  • Protecting professional partners, company directors/shareholders and business founders
    Does your firm have clients that are business owners/founders, professional partners, company directors or shareholders?

    Join this webinar on Monday 16 December, featuring protection practitioners to understand the potential consequences for wealth assets if business and personal protection needs are not addressed. It also examines how many wealth advisers a firm needs to keep a full-time protection adviser busy.

    Book your space here.

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

 

Very best wishes,

 

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


Good Practice Guide: supporting bereaved clients

The FCA's multi-firm review of bereavement claim processes focused on life insurers but advice firms also have a key role to play in providing protection and supporting clients.

 

The Financial Vulnerability Taskforce, with input from sector experts and L&G, has published a good practice guide for firms supporting bereaved clients and their families.


It includes over 30 practical support ideas to help clients and links to almost 100 organisations offering specialist services.

 

Download your guide.


 

Under Consumer Duty, firms need to be able to monitor the quality of the outcomes their customers are receiving. However, it can be challenging to put in place a proportionate framework to test and review this for each of the Duty’s outcomes, as well as in other key areas like vulnerability.

 

In this Consumer Duty Alliance Champions’ Forum, members of the Association of Professional Compliance Consultants will discuss the practical steps firms can take to ensure they have the right framework in place to monitor outcomes effectively.

 

Join a panel of industry experts from across key sectors for this insightful discussion with a focus on practical actions including:

  • Monitoring and MI fundamentals
  • Lessons from recent FCA supervision findings
  • Panel discussion
  • Q&A session.

Book your space here.


 

This new tool helps firms of all sizes assess, quantify and easily report on their client-centric readiness and compliance status, and identify sustainable business growth opportunities.


Developed by the Consumer Duty Diagnostic, in partnership with the Alliance, it’s free to use, takes just 10 minutes to complete and enables firms to assess themselves against the Duty’s four outcomes and key factors such as culture and client advocacy.


Upon completion, users immediately receive a personalised report recommending appropriate actions to meet Consumer Duty requirements and explore new commercial growth opportunities.

 

Get your free diagnostic tool.


 

The Alliance's Protection Forum aims to help firms meet their Consumer Duty obligations in this area with practical insights to aid planning for 2025.

 

The next live webinar in this series focuses on wealth and business protection. Forum chair, Ian Mckenna, and his panel of protection practitioners will discuss topics such as:

  • How business protection advice can provide opportunities to grow wealth assets
  • Consequences and potential liabilities for wealth advisers if business and personal protection needs are not addressed
  • How many wealth advisers do you need to keep a full-time protection adviser busy?
  • Consequences for wealth assets if business and personal protection not addressed
  • How Executive Income Protection can support wealth planning.

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


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