SimplyBiz has announced it is launching a new online consumer duty hub for its member firms.
The hub features a range of guides, presentations, and solutions to help members prepare for the implementation of the new regulation on the 31 July.
When the FCA launched its initial proposals for the new consumer duty, the regulator said it wanted to ensure a “higher and more consistent standard” of consumer protection for users of financial services, and “help to stop harm before it happens”.
SimplyBiz’s new hub launch follows a year-long programme of support on consumer duty from the firm, including events, communications, guides, and policy updates, with the hub delivering a single point of access to all the relevant material.
Featured on the site are a series of guides outlining the detail of the consumer duty and two keys areas that feed into it, charging structures and CIPs. It also contains documents breaking down the regulatory detail into an easier format, as well as a library of videos outlining the practicalities of how the new rules will impact firms.
SimplyBiz head of business consultancy, Karl Dines, commented: “The arrival of the consumer duty will create a new principle – Principle 12 – which provides an overarching standard of conduct for firms, supported by cross-cutting rules and four client outcomes.
“Whilst the regulator has made it clear that common-sense proportionality should be employed when firms design their consumer duty proposition, there will doubtlessly be additional work needed from advisers to ensure that they are all set to fulfil the new requirements.
“Our consumer duty hub was designed to deliver support in every area of meeting these requirements, and we are confident it will prove a valuable and welcome resource for our member firms.”
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