abrdn has launched a range of practical support to help adviser businesses in their preparation for the Financial Conduct Authority’s (FCA) new Consumer Duty regime.

The material will give advisers an overview of the Consumer Duty and timescales for implementation, along with dedicated step-by-step guides as they get started on the four key outcomes of the regulation:

  • Products and Services – support to ensure the design of products and services meet the needs of clients in firms’ identified target markets.
  • Price and Value – support to ensure the products and services are fit for purpose and represent fair value for clients.
  • Consumer Understanding – support to ensure communications equip clients with the right information, at the right time, to allow them to make effective decisions and take appropriate action.
  • Consumer Support – support to ensure clients can act on decisions without facing unreasonable barriers.

Alastair Black, Head of Industry Change, abrdn, says: “We’ve developed this range of practical support with the help of our adviser partners to get them started on developing a suitable framework for implementing the Consumer Duty.

“Good client outcomes are already wired into adviser firms’ day-to-day operations. Many will already be delivering on what the Consumer Duty aims to achieve by virtue of existing regulatory alignment and the processes that are needed to give ‘good’, suitable client-specific advice. It’s why I’m confident that compliance won’t mean a radical overhaul of systems and procedures for the majority of firms. However, there are still steps that need to be taken, and advisers may need support getting everything in order.

“Taking prompt action now to review the rules against their existing systems and processes will pay dividends in understanding what is needed, with an implementation plan that has to be approved by the end of October, to ensure everything can be done by the end of July 2023.”

The Consumer Duty support information can be found here, and will be updated as further materials are developed.

 

ENDS

 

Media enquiries

For further information, contact:

Calum Anderson
E: Calum.Anderson@citypress.co.uk
T: 0131 460 7922

Patricia Corrigan
E: Patricia.Corrigan@abrdn.com
T: 0791 782 2874

 

Methodology

 

Notes to Editors

 

abrdn is a global investment company that helps clients and customers plan, save and invest for their future.

abrdn manages and administers £508 billion of assets for clients, and has over 1 million shareholders. (Figures as at 30 June 2022).

Enabling our clients to be better investors drives everything we do. Our business is structured around three vectors – Investments, Adviser and Personal – focused on their changing needs.

For UK wealth managers and financial advisers, we provide platform technology, expertise and support to make it easy for them to run their businesses – and to deliver the outcomes their clients want.

We offer content and experiences that can be personalised to suit every type of business and client, giving advisers powerful data and insight to make better decisions.

We’re the number one adviser platform business in the UK for assets under administration (Fundscape Q1 2022). We’re also the first UK adviser platform provider to receive and retain an ‘A’ rating from AKG for the financial strength of our platforms (AKG financial strength reports 2021).

As at 30 June 2022, our Adviser vector administers £68 billion of assets.

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