SimplyBiz has launched an online consumer duty hub for its member firms.
The company said the hub would feature a range of guides, presentations, and solutions to help its firms prepare for the implementation of the new regulation on July 31.
SimplyBiz said the launch of its hub follows a year-long programme of support on consumer duty such as events, communications, guides, and policy updates.
The site also features a series of guides outlining the detail of the consumer duty and two keys areas that feed into it, charging structures and CIPs, comprehensive documents breaking down regulatory detail, and a library of video ‘box-sets’ which dive into the practicalities of how the new rules will impact firms.
SimplyBiz head of business consultancy Karl Dines 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.
“While 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.”
Dines added: “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.”
The Financial Conduct Authority first set out plans for a new consumer duty in May 2021, stating it was designed to create a higher level of consumer protection in retail financial services.
In a consultation paper published in December, the FCA said it would press ahead with its proposed new consumer duty, with an implementation date of April 30, 2023, nine months after final rules are due to be published in July 2022.
But the industry has called for certainty and more time to implement the consumer duty, calling the proposed time frame of nine months insufficient.
SimplyBiz said it would have further activity following the implementation of the consumer duty in July, providing personalised support on a bespoke, consultative level.
sonia.rach@ft.com
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