Compliance support provider Threesixty has launched a range of self-assessments to help firms assess the effectiveness of their implementation of the consumer duty.
The suite comprises five modules covering governance and each of the four consumer duty outcomes.
Each model asks a series of questions about key elements of the duty which firms can answer ‘yes’, ‘no’ or ‘unsure’ depending on their current position.
Results of the self-assessment are available immediately after completing the questionnaire as well as a report summarising the responses and highlighting areas of consideration.
Russell Facer, chief executive of Threesixty, confirmed the modules would be available to all Threesixty clients but pointed out they would be particularly useful for smaller firms.
“Firms must have approved their first governing body assessment by July 31 2024 to confirm the extent to which they have delivered good outcomes to retail customers.
"While completing these self-assessments will not of itself provide evidence that a firm is meeting its consumer duty obligations, it should help identify any areas requiring further consideration.
“A firm’s governing body assessment should include an overview of actions taken to address any instances or risks of consumers receiving poor outcomes. Firms can comment on the issues raised by the self-assessments and the actions taken to address them in their governing body report,” he added.
The assessments are in addition to the other consumer duty templates, tools and resources available on Threesixty’s client portal, including a template structure for a governing body assessment report and worked examples.
alina.khan@ft.com
