Consumer Duty Policies and Papers

While the deadline for Consumer Duty implementation may have passed, it is now imperative that firms build on the work they have done to create and maintain a strong and robust Consumer Duty Framework.

A big part of this framework is documentation. Our expert consultants at ComplyPort have created ready to use Consumer Duty Documents, to help your firm create that strong framework that the FCA is expecting to see going forward.

ComplyPort Director, Simon Chapman says:

“The FCA has made it very clear that it expects all firms to have fully assessed the impact of the Consumer Duty on their businesses and firms will be expected to be able to prove that they have considered each step of the process, even where they are only lightly impacted or not impacted at all.  Having a robust framework is an essential step in being able to demonstrate to the FCA that due consideration has been given to this key piece of consumer protection and, where appropriate, firms are strongly advised to ensure that the Duty is part of the DNA of their businesses.”

At ComplyPortal, we have the following Documentation available to help your firm remain compliant around the new Consumer Duty:

Consumer Duty Diagnostic Assessment (Free of Charge) – Get it Now

This is for all firms to help identify if Consumer Duty applies directly to the Firm. This Assessment can be used alongside ComplyPortal’s Consumer Duty Readiness Assessment, and is a good document to show work done and consideration for the duty especially for those firms it is not applicable to.

Product Assessment Policy- £1,000 – Get it Now

For firms that have identified the Duty as being applicable. This is a document that considers the applicable rules regarding product assessment and sets out a framework to ensure that the product(s) are in line with the Duty.

Fair Value Assessment Policy- £1,000 – Get it Now

For those firms that have identified the Duty as being applicable. This is a framework that ensures the consideration of Fair Value in the development of products and in the distribution phase. This takes into consideration the rules set out by the FCA and complies with this framework.

Consumer Duty Monitoring – £1,500 – Get it Now

This is for firms that have identified the duty as appliable. This is a monitoring procedure with applicable questions to ensure the appropriate data is gathered across the monitoring period. It also allows the Firm to record the process for completeness.

Consumer Duty Annual Report- £500 – Get it Now

This is for firms that have identified the duty as appliable. This is a report to be produced on an annual basis, similar to Compliance Report/MLRO. Can be used to present to the board to show work being done and data gathered across a year period. Once bought once can be reused year on year.

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