SimplyBiz launches pre-deadline Consumer Duty support

SimplyBiz has announced its next wave of Consumer Duty support, designed to help advisers feel comfortable that they have fulfilled the Duty’s requirements before the 31st of July deadline.

The new activity continues the support already released by SimplyBiz, which includes full guidance, implementation plans, gap analysis documents, and an education and training programme. The new support builds upon the work firms have completed in their gap analysis, and includes a range of practical how-to guides and a series of webinars.

The new wave of support material broadens the FCA’s four outcomes into six key business areas, paired to make them more manageable for firms to tackle: consumer engagement and sales practice, evidencing good consumer outcomes and client vulnerability, and post sales feedback and reviews.

The webinars will be taking place in March, April, and May, and will be delivered by members of the SimplyBiz policy, regulatory consultancy, and helpdesk teams.

Alexander McGregor, SimplyBiz policy manager, commented: “The Consumer Duty is a comprehensive and complex piece of regulation, necessitating a considerable amount of work for advisers. Our support programme aims to simplify the process of preparing for the July deadline and, hopefully, ease the regulatory burden they face.

“As the UK’s largest provider of compliance support for financial services intermediaries, we are perfectly placed to understand how the Consumer Duty impacts advisers’ businesses and processes in practical terms. Our guidance will help advisers feel more confident about the work that lies ahead of them and, in the longer term, ensure the delivery of better outcomes for all.”