CONSUMER DUTY

One fundamental aspect of the Consumer Duty is the requirement for firms to demonstrate that their products and services consistently provide fair value to their clients. This obligation isn't merely a one-time endeavour preceding the implementation of the Duty; it's crucial for firms to establish an effective framework for conducting, monitoring, and reviewing value assessments on an ongoing basis.

Assessing value poses several challenges, as observed across the industry. These challenges encompass ensuring accurate inclusion of costs and charges data, benchmarking against industry standards, quantifying benefits, and producing comprehensive analysis to make informed decisions.

However, these hurdles are surmountable. Firms that adopt a structured approach, focusing on relevant areas supported by robust data, position themselves strongly to demonstrate compliance with the new requirements. Moreover, many firms have discovered that the insights gleaned from their value assessment analysis are instrumental in refining their business models and strategies.

We can support your reporting by providing:

Independent reviews of implementation plans, assessing compliance against key regulatory standards and benchmarking against industry peers.
Quality assurance of completed product/service assessments and value assessments.
Provision of processes and templates to seamlessly integrate the Duty into business-as-usual (BAU) operations, such as product/service approval procedures.
Training sessions for senior leaders and staff on crucial aspects of the Consumer Duty, ensuring comprehensive understanding and effective implementation.