The Financial Conduct Authority (FCA) has introduced a new standard of care that firms are expected to provide to consumers. The new Consumer Duty creates a variety of obligations that will deliver better outcomes for retail customers.
What are the key features?
The new requirements introduce the Consumer Principle, which is that FCA regulated firms must act to deliver good outcomes for retail customers. This requires FCA regulated firms whose activities affect retail consumers to:
act in good faith towards retail customers;
avoid causing foreseeable harm to retail customers; and
enable and support retail customers to pursue their financial objectives.
How have we complied?
Beringea has completed all the reviews necessary to meet the requirements for their existing open products and services. This has included:
defining our target market, identifying groups with characteristics of vulnerability and confirming our product meets the needs of the target market;
undertaking a complete review of our products, ensuring the price the customer pays for a product or service is reasonable compared to the overall benefits, thus providing fair value and a good outcome for consumers;
disseminating key information on Target Market and Value Assessment to our IFA network and other distributors of our products; and
reviewing and updating our approach to vulnerable customers, in particular our processes and procedures in place to recognise and support vulnerable clients.
To request copies of EMTs, Target Market and Value Statements for the ProVen products please complete this form and a member of the team will be in touch.
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