About this service
The Consumer Duty is designed for all firms; small, medium and large, to put their clients at the heart of their business, offering products and services that are fit for purpose and which they know represent fair value.
The FCA is clear that the new Consumer Duty represents a ‘significant shift in culture and behaviour’ and a ‘higher standard of care and expectation’. The Regulator expects all senior managers to be clear about the changes in culture and behaviour that it expects the Consumer Duty to bring about.
Firms have until 31 July 2023 to fully implement the Consumer Duty in relation to new and existing products or services. This is the date that will apply to most services provided by intermediary firms. Manufacturers are also required to share key information with distributors three months ahead of this deadline to enable all firms to comply in time.
To help firms prepare, and meet the FCA’s expectations, comprehensive support is available to clients of threesixty.
To find out more about our full range of support, including how we can help you prepare for the Consumer Duty, please call 03707 360 360 or email talktous@threesixtyservices.co.uk
Implementation plan template
Our template implementation plan contains a list of practical actions for firms to work through and adapt to their own business models. It follows the consumer journey starting with a firm’s governance, through to their products and services, sales and servicing, distribution, support and risk, and control functions. Although the October 31 deadline for agreeing your implementation plan has now passed, if you are not feeling as prepared as you would like to be at this stage, we’d be happy to share a copy of our template with your firm.
Core Consumer Duty support
To help firms prepare for the new Consumer Duty regime, all threesixty clients have access to a comprehensive range of resources and support.
Comprehensive online guidance
Intended for distributor firms that offer, sell, recommend, advise on, propose, or provide a product or service, our guidance covers all you need to know about the Consumer Duty, how to prepare, and how to evidence appropriate consumer outcomes.
Remote learning activities
For each of the four outcomes under the Consumer Duty remote learning modules, complete with videos and guides, are available that provide an overview of each outcome, and to provide advice on how to demonstrate each outcome is being achieved.
Staff training resources
All firms will need to provide Consumer Duty training to their staff on why it's relevant to their role, and how to deliver good customer outcomes. Our range of resources are designed to help firms deliver effective training to their staff.
Consumer Duty ready template documents
Access to an extensive library of over 400 Consumer Duty ready templates, including senior management, risk management and T&C template documents, factsheets, and checklists, as well as our template client agreements and example suitability reports.
Template action and implementation plans and checklists
Focusing on practicalities and actions, our implementation and action plans help firms to record in granular detail the actions they need take to evidence their compliance with the Consumer Duty and the decisions that may need to be made.
Template fair value assessments and worked examples
For advisory firms, both big and small, and for firms that provide a discretionary Model Portfolio Service (MPS), our fair value assessment templates help firms undertake an internal review of the service proposition they provide, and evidence fair value.
Consumer Duty webinars
All of our 2023 webinars covering the core areas of investments, pensions, taxation and protection have been designed to include support for firms with their preparations for the new Consumer Duty regime. In addition, regular 'hot topic' webinars keep firms up to date with the latest Consumer Duty developments.
Helpdesk support
Our consultants can provide immediate assistance on a range of Consumer Duty issues by telephone and email. Our experts will make sure you get the support and affirmation you need, when you need it
Bespoke Consumer Duty support
In addition to our core services, more targeted and proactive services are also available to firms to help them plan and implement practical solutions ahead of the July 2023 deadline and beyond.
Business risk assessment - Consumer Duty gap analysis
Our consultants can conduct a gap analysis ahead of the July 2023 deadline. Depending on how you're getting on with your preparations, this service can be used as a health check, or used to help produce a more focused action plan.
Business support days - Consumer Duty implementation support
Following a Consumer Duty gap analysis, our experienced consultants will provide practical assistance to implement the changes you require and help your firm meet its regulatory and business requirements.
Compliance assistance day - Consumer Duty policies review
Our compliance assistants can work alongside your SMF16 to help update polices and ensure they are compliant with the new Consumer Duty regime. This service can used as a one-off exercise or annually, to help you keep on top of any ongoing changes.
31 October 2022
Firms must have in implementation plans signed off by the board (or equivalent).
30 April 2023
Product manufacturers should have completed their reviews to meet the outcome rules so they can share information with distributors.
31 July 2023
The Consumer Duty implementation deadline for new and existing products
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