Legal & General has announced its membership of the Consumer Duty Alliance (CDA), a new independent professional body aimed at promoting good practice.
The CDA, which launched on 9 March, has been established to inspire greater confidence and trust in financial advice and planning, ahead of the introduction of the Consumer Duty on 31 July.
CDA members will aim to promote better standards in benchmarking, regulatory interpretation and practice by sharing examples and insights on their approach.
The launch of the CDA follows a Financial Vulnerability Taskforce (FVT) member survey last year. This survey, which looked at the experiences of FVT member organisations in relation to Consumer Duty, found that more than one in six (60%) respondents would like clearer guidance ahead of the July implementation deadline set by the Financial Conduct Authority (FCA).
CEO of the CDA, Keith Richards, commented: “The need for an alliance across financial services has the potential to unite the profession in both a pre-and-post consumer duty landscape, which is evident from the significant cross-sector response and encouragement following the launch of the CDA.
“We would like to thank L&G for their support as a foundation affiliate, along with their expertise and input to the creation of the retirement income guide.”
The CDA has excluded commercial activities from its remit, with initial funding support provided by L&G and Howdens Brokers as foundation affiliates.
As with other CDA members, L&G has adopted an independent Code of Professional Standards, as well as the consumer facing Financial Vulnerability Charter.
Distribution director, retail annuities at L&G, Cecilia Furner, added: “We welcome the new Consumer Duty as it reinforces the importance of consumer protection and drives enhanced outcomes.
“We have always understood the value of transparency, clear standards and providing products and services that both intermediaries and customers can easily understand and benefit from, and we’re committed to supporting people in vulnerable circumstances.
“With four months to go before the Consumer Duty comes into force, the launch of the CDA is an incredibly timely initiative. We are delighted to partner with the Alliance to share good practice in support of better client outcomes and are committed to working closely with industry peers to ensure effective delivery against the new standards.”
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