Are You Consumer Duty Ready?
With the FCA’s Consumer Duty regulation taking effect from 31st July, it is important to make sure the right due diligence is being completed when considering your clients’ options. Luckily, with Selectapension, you can have peace of mind knowing that all the four consumer outcomes are being addressed.
1) Products and Services:
Selectapension has the functionality to compare products in the marketplace based on a variety of criteria, including features and options available under each product, therefore ensuring that products meet the needs and characteristics required by your clients. Additionally, Selectapension will have links to providers’ company profiles, making sure all the relevant information of each provider and product is transparent.
2) Price and Value:
Selectapension, at its core, has always been a product charge comparison tool, and as such, considers any plan, portfolio or wrapper charges that will be relevant in an analysis, whether that be platform charges, MPS charges or fund charges. Just as important and underlying price though, is value to a consumer. At Selectapension, we can demonstrate past performance of funds and portfolios (and very soon, MPS portfolios too), we will also be including links to Product Providers’’ ‘Fair Value Assessments’ within the tool, to ensure the desired cost / benefit analysis is considered in any product review.
3) Consumer Understanding:
It is important for firms to be transparent with consumers and the consumer understanding outcome is aimed at ensuring consumers have all the correct information they need to make financial decisions, in an easy-to-understand way. Selectapension’s reports are designed to be customer facing and intuitive – a report with all the information required for compliance but also clear and concise for your clients’. As well as this, our Cashflow and Drawdown tool is a unique tool whereby you can run a review of your clients’ targets, whilst also considering product investment solution suitability – everything you need for a transparent client review in one place.
4) Consumer Support:
Through Selectapension’s ‘product features’ section, you can ensure that your clients’ respective products provide the support that meets their needs. Rather than having to spend time researching each individual provider, Selectapension acts as a hub where you can do all Provider due diligence in one place.