Davies has undertaken a survey in relation to Consumer Duty with the release of the policy statement from the Financial Conduct Authority (FCA). Manufacturers and co-manufacturers should have shared information with their distributors to meet their obligations under the Duty. All other firms are fast approaching the penultimate implementation deadline of 31 July 2023 for all new and existing products and services.
The survey was issued to a cross-section of participants in the wealth management and private banking sectors. The purpose of the survey was to provide a snapshot of firms in their implementation journey, delving into the challenges faced as they progress towards the achievement of a more outcome-focused approach in supporting consumers.
Key insights:
- All firms participating in the survey have appointed a Board or an equivalent governing body Consumer Duty champion which is aligned to the regulator’s expectations.
- Assigning ownership is important when ensuring all components of the implementation plan are being effectively executed.
- We are seeing a significant shift in the industry to include customers in the testing of communications.
- 62% of survey respondents indicated that they are finding the implementation of Management Information to satisfy the reporting and monitoring challenging.
- And 31% of firms have identified concerns through their value assessments and are proactively making amendments to their pricing structure to ensure fair value for their clients.
Download the report in full here.
If you would like to discuss the findings of this survey, consumer duty, or any aspect of wealth management and private banking, please contact us.
