To comply with the Consumer Duty, boards of wealth and asset management firms need to prioritise the implementation and embedding of robust processes. These processes should encompass testing consumer outcomes, ensuring the availability of effective management information, and fostering a corporate culture that encourages employees to prioritise the best interests of customers. This will be an ongoing process.
In the wealth management world, the number and complexity of distribution arrangements throws up challenging questions for firms, for example to answer existing arrangements may amount to co-manufacturing and we fear platforms will have a significant burden as a 'gate keeper'.
The Consumer Duty Hub, written by our team of experts, serves as a resource to assist senior managers in comprehending and implementing the necessary measures to fulfil the obligations mandated by the Duty.