Newsletter - Alliance already making waves

ALLIANCE ALREADY MAKING WAVES

NEWSLETTER – JUNE 2023

WELCOME TO THE JUNE NEWSLETTER

So much has happened since the Alliance launched on 9 March and we’ve been overwhelmed by the significant positive response from across the profession and wider market, including policymakers!

The Alliance is now working in collaboration with a broad spectrum of firms, support services, trade and professional bodies. As a truly independent, not-for-profit Alliance, with no commercial conflicts of interest to get in the way, great progress has already been made in the sharing of good practice.

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There follows a summary of Alliance activity so far and what's coming soon. There's lots planned and we’re keen to keep providing support relevant to good consumer outcomes. Please let us know your thoughts and suggestions via this link, we welcome all feedback.

If you're receving this email but haven't joined the Alliance yet, why not do so now?- it's easy, there's no charge and you'll get a digital badge for your communications.

As a rapidly growing Alliance of like-minded professionals, collectively we have an opportunity to raise the bar in building public recognition, confidence and trust in professional advice.

Very best wishes,

Keith Richards, Chief Executive Officer, Consumer Duty Alliance.

P.S. Have you or your firm got a story to tell about supporting customers or clients experiencing vulnerability? Why not share the good news and enter the Just Group Vulnerable Customer Awards? Entries close 30 June 2023.

Huge interest since launch

‍The number of individuals and firms supporting the Alliance is growing rapidly; the estimated total reach is over 7,000 financial advisers and planners.

The larger it becomes, the more influence we’ll collectively have - and you can help:

Individual Members - please encourage your colleagues and firm to join the Alliance.

Associate firms and Affiliate organisations - please encourage your advisers and support staff to join and use the membership logo.

Pensions Advice Taskforce is back

‍As you may have spotted in the press, founding members of the Pensions Advice Taskforce welcomed the Alliance's launch and we're working to reform this key Taskforce within the Alliance.

Margaret Snowdon, OBE, has agreed to chair, with Simon Crystal as lead director. We’re finalising the Taskforce terms of reference, board composition and areas of focus, with many key stakeholders offering their support.

Growing media profile

The Alliance launch generated much media interest and this has continued since, see the News page for a collection of articles.

Please keep an eye out for more Alliance news about the Forums, new publications and guides.

Regular FCA meetings

Keith recently met members of the FCA’s Consumer Duty, Technical Specialist and Supervisory teams. They welcomed the Alliance’s formation, objectives and agreed to actively engage on key issues going forward.

They were also interested in the Pensions Advice Taskforce reforming and will attend future meetings as Technical Observer.

We’re setting up regular meetings with the FCA and governemnt departments to keep them updated on Alliance activities.

New Alliance publications

How ready are you for Consumer Duty?
This guide highlights key milestones for financial advice firms leading up to the 31 July implementation deadline, and beyond.

How Consumer Duty impacts vulnerability work

Vulnerability runs through Consumer Duty like the words in a stick of rock but what difference does it make? This guide explains.

Combining Consumer Duty and retirement income
This guide provides comment and analysis for financial advice and planning firms.

Also, visit Guides and Support to see the latest publications from AKG, Money Alive, Commentis and AdviserHome.

First Forum dates announced

Technology Forum
Ian McKenna has been busy scoping this Forum and how it will work. The Forum will be a quarterly online event and the 2023 dates are listed here.

Consumer Duty Champions' Forum
We’re delighted that an ex-FCA specialist has agreed to chair this Forum, supported by Johnny Timpson OBE. A formal announcement will be made shortly, so please keep a lookout if you're interested in joining the group or webinars.

Financial Planning Forum
Nick Cann BEM, the UK’s legendary champion of financial planning, is chairing this group and scoping the terms of reference. The future programme will be announced in due course.

WORKING TOGETHER TO PROVIDE A SAFE PAIR OF HANDS

‍The Consumer Duty Alliance is an independent, ‘not-for-profit’ professional body supporting the personal finance sector to adopt and implement good Consumer Duty outcomes.

It incorporates the Financial Vulnerability Taskforce and the adoption of their consumer facing Charter.

Individuals and firms can join the Alliance and get digital badges for free by adopting a voluntary code of professional standards.

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