Consumer Duty is a significant regulatory requirement for UK financial services firms and their day-to-day operations. It is coming up to one year since the Consumer duty deadline for open products and fast approaching is the closed products deadline on 31st July 2024. Whilst deadlines often represent the end of something, this is not the case. Consumer Duty requirements are here to stay and need to be adhered to for the foreseeable future.

ComplyPortal has made available several tools to help clients meet key requirements and support your firms ongoing compliance with both open and closed products:

  1. Consumer Duty Policies and Papers:
    • Consumer Duty Diagnostic Assessment
    • Consumer Duty Annual Report
    • Consumer Duty Monitoring
    • Fair Value Assessment Policy (Open Products)
    • Product Assessment Policy ( Open Products)

 

  1. Consumer Duty Readiness Assessment (Open Products):

If your firm still needs to identify gaps in your Consumer Duty, then take ComplyPortal’s Consumer Duty Readiness Assessment where our regulatory consultants have prepared questions and scoring to guide you through assessing your readiness.

Our assessment is broken up into 7 scoring questionnaires covering the following:

  1. Corporate Governance
  2. Customer Identification
  3. Existing Products and Services
  4. New Products and Services
  5. Price and Value
  6. Consumer Understanding and Support
  7. Staff Training

 

  1. New Consumer Duty Questionnaire (Open & Closed Products):

Detailed, relevant and specific regulatory information available via Monitoring module within ComplyPortal Software.

This questionnaire covers the following topics: Manufacturing, Distribution, Fair Value, Communications with Retail Customers, Delivering good outcomes, Sale and purchase of Product books.

  1. Ongoing Monitoring & Reporting Capacity (Open & Closed Products):

ComplyPortal provides a full suite of Compliance support modules all in one platform, aiding the pursuit of more efficient and complete compliance processes.

Monitoring questionnaires are created by our in house expert consultants however, custom questionnaires can also be integrated.

Tasks can be assigned to individuals or groups with custom schedules and email reminders to ensure responsibilities and kept up with and on time.

  • Monitoring
  • Approvals
  • Registers
  • Attestations
  • Documents
  • Prompt
  • Risk
  • SM&CR

To see how these tools can support your Consumer Duty compliance, or how our full suite of modules can assist your wider compliance needs, Book a Demo.

Book your complimentary demo today!

About ComplyPortal:

First developed in 2011 by compliance professionals for compliance officers, ComplyPortal offers workflow, automation, and several modules to help firms with control and regulatory compliance monitoring. 

ComplyPortal simplifies financial services regulatory compliance management on an easy-to-use cloud-based comprehensive compliance platform. It enables compliance officers, risk officers and senior management to keep track of their firm’s regulatory responsibilities and workflows. Our platform includes the following modules, among others: 

  • Monitoring: a year-round schedule pre-populated with monitoring questionnaires to ease compliance processes.
  • Approvals: authorise request and keep track of workflows
  • Registers: lists controlled by the Compliance officer, but easy for staff to view.
  • Risk: map and control risk areas to effectively identify and manage risk for your firm.
  • Training: access our LMS platform for all Compliance and Governance Training

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