Consumer Duty at its heart is about putting the needs of all our clients first. We need to ensure that client outcomes are at the centre of everything we do. But how do we do that? Personally, I like to challenge myself when in meetings both internally and with our adviser partners, would the decisions we make be any different if there was a client in the room? If the answer is yes, then that’s a red flag to me.
In this Consumer Duty Hub you’ll find the value assessments for all of our open products along with supporting information. This should assist in establishing overall value when combined with the service that you provide to your client. It’s important that we all work together to ensure the necessary information is provided to meet the new requirements.
If you have any feedback on our approach or any other matter, I would, of course, be delighted to hear from you, including any areas where we can do better. No one is perfect. Equally, when research has identified and we have assessed that we could improve communications, that’s what we will do.
The vast majority of our business at M&G Wealth is conducted by professional financial advisers, and we are always keen to champion the advice market, and support it in any way we can. We believe we have some unique propositions, but we rely on you, our adviser partners to recommend them where appropriate. Let’s keep working together to make sure we are giving the best possible outcome to our clients.
Managing Director of Distribution M&G Wealth.
Pru Legacy Products are products that are no longer open to new business, however other transactions may still be available.
We will be carrying out Value Assessments on our most relevant Legacy Products in due course. For now you can read about all our Legacy Products and access their associated forms on the Legacy Products section of Pru Adviser.
The Financial Conduct Authority (FCA) have now published the final rules for Consumer Duty – PS22/9: A new Consumer Duty, alongside finalised guidance FG22/5. Firms have until 31 July 2023 to fully implement the Consumer Duty requirements for new and existing products and services, and until 31 July 2024 for closed products or services.
These three elements show how the new Consumer Duty is structured, it moves the overarching regulatory framework from a ‘principles’ based approach to a ‘rules’ based approach.
Read about Retirement Income and foreseeable harms in a statement from Vince Smith- Hughes Director of Specialist Business Support, Pru UK
The FCA’s paper TR16/1 Assessing Suitability: Research and due diligence of products and services, requires advisers to demonstrate they have the appropriate information and evidence on file for their client investment recommendations.
View our range of products.
A range of client facing content to support your client conversations around PruFund.
The M&G Treasury and Investment Office (T&IO) has great strength in depth with a team that includes investment professionals with expertise in capital market research, investment strategy design, liability management, derivatives and portfolio management.