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Part 3 – Platforms and servicing – meeting the Consumer Duty requirements

5 min read 20 Oct 22

Session: 20 October 2022

On this session, hosted by Vince Smith-Hughes, he was joined by special guest Heather Hopkins, a data and research expert specialising in the UK Financial Adviser and Retail Wealth Sector and Managing Director and founder of NextWealth. Vince and Heather were joined by Justin Blower, Sales Director, M&G Wealth Platform, and John Allen, Institutional Business Development Director at M&G Wealth.

They looked at the due diligence and governance that needs to be considered when researching a platform, and what changes may be needed in the future. They also considered where the responsibility lies in the distribution chain for assessing value for money, as well as what is happening at M&G Wealth to ensure that we have the right support in place for advisers in terms of meeting their Consumer Duty requirements.

Learning Outcome – to demonstrate an understanding of:

  • Describing how platforms can help meet the new requirements      
  • Explaining who has responsibility to different aspects of the value for money test
  •  Articulating what M&G Wealth are doing to help advisers meet their obligations

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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.        Firms should have agreed their implementation plans by..?

a)        31st October 2022

b)       31st July 2023

c)        1st January 2023

 

2.        Who is responsible for considering the ‘fair value assessment’?

a)        The platform provider

b)       The adviser

c)        Both the platform provider and the adviser.

 

3.        What must firms do as part of the Consumer Duty?

a)        Charge low prices

b)       Ensure all clients are offered an annual review

c)        Act in good faith, avoid causing foreseeable harm and enable clients to pursue their financial objectives.

 

To claim your CPD certificate, click here.

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