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Part 2 - How can technology help you with Consumer Duty?

5 min read 13 Oct 22

Session: 13 October 2022

On this session, hosted by Pru’s Colin Simmons, who was joined by special guest Nick Eatock, CEO and Co-Founder of Intelliflo. They focused on how technology can help you meet the new requirements, what’s already available and what further developments and actions might be needed.

In addition, Neil MacLeod, Technical Manager at M&G Wealth looked at our range of tools and calculators and how they can be used to help meet client objectives.

Learning Outcome – to demonstrate an understanding of:

  • Describing how practice management software can help to meet new requirements.
  • Explaining how collecting the right MI can help to meet the requirements of the annual report.
  • Articulating how M&G Wealth’s tools and calculators can help achieve good client outcomes.

To claim your CPD certificate, test your knowledge with the questions below.

Write down your answers to each of the following questions and check your answers when you click through to claim your CPD certificate on the link below.

Test your knowledge

1) What is likely to form part of the evidence the FCA will ask firms to produce to show adherence to the Consumer Duty rules and guidance?

a. An annual report that has been signed off by the firm’s board, or equivalent management body

b. A list of all customers and whether they have gained or lost money

c. Interviews with all relevant staff to ensure they can spot vulnerable customers

 

2) To demonstrate that a firm is giving due consideration to the Consumer Duty rules and guidance the report has to be ready at the latest by…

a. The first anniversary after implementation of the rules

b. 31st October 2022

c. 1st January 2023

 

3) With regard to drawdown advice, a centralised retirement proposition could help you gather evidence for an annual report to demonstrate that you are…

a. Avoiding foreseeable harm by managing future risk

b. Providing value for your clients

c. Identifying the risks of drawdown and how you plan to deal with them

d. All of the above

 

Claim your CPD certificate

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