The Personal Finance Society (PFS) has published a toolkit to embed Consumer Duty into financial service culture.
The resources are intended to help firms develop beyond minimum requirements and will be added to post-implementation.
Some of the templates are pre-populated with example answers, drawn from real-life scenarios which firms can use for the wording of Consumer Duty documentation.
The tools being released include:
- Gap analysis;
- Implementation Plan;
- Interim & Ongoing Review;
- Fair Value Statement: Initial Advice;
- Fair Value Statement: Ongoing Advice;
- Fee Divergence Register;
- Vulnerable Client Checklist; and
- Vulnerable Client Register
Carla Brown, PFS board director, said: “The new analytical tools, templates, and checklists have been meticulously crafted to enable PFS members to navigate the regulatory landscape with confidence and ensure that consumer interests are at the heart of their business operations.
“By providing comprehensive guidance on upholding consumer rights, instilling ethical principles, and enhancing transparency, the PFS seeks to bolster consumer protection and elevate the overall integrity of the financial planning sector.
“These valuable resources will serve as a crucial reference point for financial firms, facilitating compliance with the Consumer Duty rules while fostering a culture of trust, professionalism, and responsibility within the profession which is something we all welcome.”
