SimplyBiz has announced a new wave of Consumer Duty support to help advisers fulfil the requirements of the new rules before the 31 July deadline.

This activity continues the support already released by SimplyBiz, which has included full guidance, implementation plans, gap analysis documents, and an education and training programme.

SimplyBiz’s announcement comes a day after the Financial Conduct Authority (FCA) published a review of how financial services firms are fairing in their plans to implement the rules – revealing that some may struggle to apply the Consumer Duty effectively once the rules come into force.

The regulator urged firms to ensure they are making the changes needed so that consumers receive communications they can understand, products and services that meet their needs and offer fair value, and they get the customer support they need.

The latest support for firms announced by SimplyBiz has built upon the work that firms have completed in their gap analysis, and includes a range of practical guides as well as a webinar series, which will take place between March and May.

SimplyBiz policy manager, Alexander McGregor, commented: “The Consumer Duty is a comprehensive and complex piece of regulation, necessitating a considerable amount of work for advisers. Our support programme aims to simplify the process of preparing for the July deadline and, hopefully, ease the regulatory burden they face.

“As the UK’s largest provider of compliance support for financial services intermediaries, we are perfectly placed to understand how the Consumer Duty impacts advisers’ businesses and processes in practical terms. Our guidance will help advisers feel more confident about the work that lies ahead of them and, in the longer term, ensure the delivery of better outcomes for all.”

Share Story: