Complyport Specialises in providing governance, risk and compliance services

COMPLYPORT SPECIALISES IN PROVIDING GOVERNANCE, RISK AND COMPLIANCE SERVICES

Consumer Duty

As of the 31 July 2023, the rules relating to the Consumer Duty (“the Duty”) came fully into force, along with all the expectations, processes and requirements associated with it.

The Duty represents a significant shift in the way that firms are expected to deal with their clients. It sets a higher and clearer standard of protection for consumers throughout the distribution chain in financial services and requires firms to put the consumer at the forefront of everything they do.

The Duty is a significant piece of regulatory change, one that even the FCA noted as a “paradigm” shift. No firm should have to undertake the challenges without adequate support and guidance, and that is where Complyport and our subject matter experts can provide valuable insight and guidance into both the Duty and best practice with reference to peer group firms.

Who does the Duty apply to?

It does not just affect those firms who deal directly with retail clients but impacts the entire distribution chain to the extent that where any firm could have a material impact on a retail client, then they are caught by the Duty. It also no longer just affects the end outcome received but means firms must consider and prioritise good outcomes for consumers across all parts of the business and the customer’s journey.

The Duty not only impacts those firms who are currently authorised but those who are also seeking Part 4A permissions, as they must demonstrate that they understand and can apply the Duty to their proposed business and must demonstrate that they have considered and have policies in place to comply with the Duty as part of their authorisation.

Consumer Duty Self-Assessment

Using our on-line self-assessment tool, you will be able to undertake a self-review of your firm and provide a report of where you are with your Consumer Duty. Whether you are a firm going through an application for Part 4A Permission, or a currently authorised firm, the tool will enable you to know where you are at a glance, and areas that need further focus.

Our Consumer Duty services include:

Pre-FCA Authorisation Assistance

  • Our team can support you during your FCA assessment process, to ensure that you deliver on the Consumer Duty expectations for your clients
  • We can assist you with the drafting of your policies and documents, in line with Consumer Duty, so that you are ready to meet your regulatory requirements

If you require additional assistance navigating FCA authorisation for your firm, we also provide a tailored service overseeing your application from start to finish. To learn more about this service, please click here.

Support for FCA-Authorised Firms

  • Our team can undertake a Consumer Duty Impact Assessment (CDIA) providing you with comprehensive gap analysis, tailored solutions, and ongoing support to ensure compliance with the new rules
  • We can evaluate your implementation of Consumer Duty in your firm and offer you feedback and recommendations on how to improve it
  • We can review, draft, and update your policies and documents in respect of Consumer Duty
  • SM&CR support – we can assist you with embedding Consumer Duty and Vulnerable Customer Management into your SM&CR programme
  • We can provide training to you and your firm on all aspects of Consumer Duty, so that you remain informed and compliant

At Complyport, we are also here to provide you with ongoing support, ensuring full compliance with PS22/9. This includes advice and support by telephone and email, or regular monitoring of your firm as the FCA surveil Consumer Duty.

Interested in seeing how we can help you with PS22/9 – A New Consumer Duty?
Please fill out our free consultation form, and a member of our team will get in contact for a personalised quote.