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Consumer Duty
and our support for you

In our Consumer Duty Hub you’ll find our value assessments, target market documents and other key information about our products within the tabs below. These give you everything you need to assess overall value, combined with the service you provide to your clients.

You'll also find a range of useful guides and insight articles on the topic of Consumer Duty. 

Platform Information

General Information

M&G Wealth Pension Account (SIPP)

Product Information

General Information

M&G Wealth ISA & M&G Wealth Junior ISA

Product Information

M&G Wealth General Investment Account (GIA)

Product Information

Navigating Consumer Duty with our client segmentation guide

Client segmentation can help you evidence how you understand and meet client needs in support of your Consumer Duty obligations.

Use this actionable guide to revisit or develop your client segmentation strategy today.

Get the guide

The higher standards the FCA’s Consumer Duty requires will not be news to anyone in financial services – it’s now part of our day-to-day landscape. However, implementing those standards is not necessarily straightforward; and furthermore, they are not “one and done” requirements: ongoing review is also non-negotiable.

With that in mind, we’ve worked with langcat to created a series of practical articles specifically designed to help financial advisers understand and negotiate each outcome, concentrating on where, when, and how you need to take action. 

Products and Services

Products and services for retail customers need to be fit for purpose. This means they're designed to meet consumers’ needs, and subsequently targeted at these consumers with different requirements, depending on the firm’s role in the distribution chain.

Outcome 1

Price and Value

The FCA’s second outcome is based on its assertion that consumers experience harm where they don’t get value for their money. And a lack of fair value is also unlikely to be consistent with customers realising their financial objectives. 

Outcome 2

Consumer Understanding

Firms are expected to go beyond ‘clear, fair and not misleading’, when communicating with customers. Consumers must be given the information they need, at the right time, and presented in a way they can understand.

Outcome 3

Consumer Support

This relates to how a firm supports its customers using its products and services. This support should enable customers to realise the benefits of the products and services they buy, pursue their financial objectives, and ensure they can act in their own interests.

Outcome 4

How we're supporting you

We're here to help you in meeting your responsibilities to your clients, as a platform provider we are focused in particular on these key areas.

We continue to review our product range to ensure that our platform services, when advised correctly, will lead to good outcomes for clients.

Although Financial Advisers are responsible for the correct recommendations to clients, we must be sure that our products and services are fit for purpose.

Value assessment documents can be found within the SIPP, ISA and GIA tabs above.

We recognise that we have a key part to play in ensuring that our clients receive the right products and services at a fair cost.

You can find further information on our pricing on our Pricing page.

We're committed to ensuring that products are aligned to our stated target market and will identify, and act on, issues related to clients identified outside the target market which may result in poor outcomes or poor value.

You'll find product specific target market documents in the above tabs.

The M&G Wealth Platform is an intermediated service designed to support Financial Advisers in managing their clients' wealth. Both the platform and the client's financial adviser are responsible for ensuring that clients experience positive outcomes.

We recognise that there are times in the customer's experience where we, the service provider, should take steps to ensure better oversight of the outcome for the client. We have a responsibility to be aware of our customers' experiences and to take action if we foresee potential harm.

A detailed review of our operations processes identified where we need to make changes to improve our customer service. Work has been carried out to implement these changes and we'll continue to review where we can improve.

We continue to be on the lookout for areas with any potential for foreseeable harm and continue to take appropriate steps to mitigate these.

FCA guides and documents

FCA's Policy statement and final rules

The FCA's policy statement (July 2022).

Read more

FCA's dedicated Consumer Duty page

A hub for all FCA Consumer Duty content including the final rules, key publications and key milestones.

Read more

FCA's events page

Find out what Consumer Duty events are planned across the UK between February and June 2023.

Read more

 

Consumer Duty is all about putting clients first and delivering good customer outcomes. At M&G Wealth Platform we are committed to maintaining a customer-centric culture and embedding client focussed outcomes within all our objectives. For me, this isn’t because we need to comply with a piece of regulation, it’s simply the right thing to do.

Let’s keep working together to make sure we always deliver the best possible outcomes.

Richard Denning, CEO M&G Wealth Platform

Visit M&G plc

The M&G Wealth Platform is provided by Investment Funds Direct Limited, registered in England and Wales No. 1610781. Registered Office: 10 Fenchurch Avenue, London EC3M 5AG. Authorised and regulated by the Financial Conduct Authority: 114432.

Investment Funds Direct Limited is a subsidiary of M&G plc, incorporated and registered in England and Wales. Registered office: 10 Fenchurch Avenue, London EC3M 5AG. Registered number 11444019. M&G plc is a holding company, some of whose subsidiaries are authorised and regulated, as applicable, by the Prudential Regulation Authority and the Financial Conduct Authority.