UK-based advisory network SimplyBiz has launched a Consumer Duty hub for its member firms to help them with the latest regulatory push from the Financial Conduct Authority (FCA).
The portal will provide a range of guides, presentations and solutions to help businesses prepare for the implementation of the Consumer Duty, the firm said.
The hub will also focus on two key areas that will feed into the regulation – namely, charging structures and central investment propositions.
Karl Dines, SimplyBiz head of business consultancy, said: “The arrival of the Consumer Duty will create a new principle – Principle 12 – which provides an overarching standard of conduct for firms, supported by cross-cutting rules and four client outcomes.
“Whilst the regulator has made it clear that common sense proportionality should be employed when firms design their Consumer Duty proposition, there will doubtlessly be additional work needed from advisers to ensure that they are all set to fulfil the new requirements.
“Our Consumer Duty hub was designed to deliver support in every area of meeting these requirements, and we are confident it will prove a valuable and welcome resource for our member firms.”
Lack of details
But the full details on the Consumer Duty are yet to be released by the FCA, as the regulator said that confirmation would be provided by the end of July 2022 with implementation expected by the end of April 2023.
International Adviser asked SimplyBiz what the hub will actually feature considering details on the regulation are yet to be released by the watchdog, and the network said the FCA has been “very transparent throughout the process, and about its aims and objectives”.
The firm did say that from July 2022, it will offer a “further wave of activity […] providing personalised support on a bespoke, consultative level”.
