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Newsletter - On your marks. Get set...

Newsletter - On your marks. Get set...

 

ON YOUR MARKS.

GET SET...

 

 

NEWSLETTER - JULY 2023


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WELCOME TO THE JULY NEWSLETTER

 

Not long now until 31 July and Consumer Duty coming into force!


Whilst the additional workload caused has been generally unwelcome, Members and Affiliates from across the Alliance have reported some positive improvements to their respective services and processes, already delivering some positive business and client outcomes as a result.

 

There is an abundance of support available to help firms and there will be plenty of further support and sharing of ‘good practice’ in a post-July operational environment as we embed, learn and share.

 

To help you in your final preparations, the Alliance has produced four clear and concise guides (links below) focussing on some of the key actions to be taken now and on an ongoing basis. We've also highlighted more examples of great support from some of our Affiliate Members.

 

You can find links to more support from across the Alliance within the Helpful Resources section of our website. If you have anything to share or questions to ask, just let us know.

 ESTABLishing FAIR VALUE

Alliance guide to creating a framework for fair value, linked to the Price & Value outcome.

 

ESTABLISHING TARGET MARKETS

Alliance guide suggesting how to help meet this Product and Services outcome.

 

CONSUMER DUTY & VULNERABILITY

Alliance guide: Duty's upgraded the approach firms should take when managing vulnerability.

 

 HOW READY ARE YOU?

Alliance guide to key milestones for firms ahead of implementation date.

 

FCA - 10 key questions for YOU

To help you identify and remedy gaps or areas for improvement in your Duty implementation.

 

 FCA - SURVEY OF SMALLER FIRMS

Read the results of the FCA's survey into the preparedness of 1,230 smaller firms.

 

CONSUMER DUTY ASSESSMENT

Altus Consulting's free tool free tool helps firms assess progress against a sector benchmark.

 

 AUTOMATED KPI ASSESSMENT

Aveni's Detect platform measures performance around Consumer Duty's four themes.

 

 CLIENT CENTRICITY

Dynamic Planner helps define target markets, product/service governance and profile clients.

 

 CUSTOMER EXPERIENCE

Insight6 specialists can help with measuring employee and customer satisfaction through to providing a bespoke strategy.

 

 MEASUREMENT AND EVIDENCING

Investor in Customers rate a firm's performance against the FCA's four outcomes and cross cutting rules.

 

 COMPLIANCE BENCHMARKING

Model Office rates firms against five regulatory keys that demonstrate sustainable, professional good practice. Free trial available.

 

MONITOR CLIENT UNDERSTANDING

Money Alive's video solution helps firms measure and evidence client understanding in their advice process.

 

 RESILIENCE AND VULNERABILITY

The MorganAsh Resilience System enables firms to measure customer resilience and manage vulnerabilities. Free trial available.

 

VULNERABLE CUSTOMERS

Outra's Vulnerability Index uses actionable intelligence to help firms identify vulnerabilities and offer targeted support.

 

 FREE GUIDES & EXTRA SUPPORT

Verve offers free guides and templates. They also offer training, paraplanning and compliance support.

 

MONITOR CLIENT UNDERSTANDING

Voyc helps firms to deliver the best customer outcomes by monitoring 100% of customer interactions and flagging potential issues.

 

CONTACT US

Please email us or contact one of the directors below:

 

Keith Richards

Chief Executive Officer 

keith.richards@consumerduty.org

 

Robin Melley

Director 

robin.melley@consumerduty.org

 

Tony Miles

Secretariat 

tony.miles@consumerduty.org


© 2023 The Consumer Duty Alliance.