The launch comes after a year of additional Consumer Duty support from SimplyBiz, including events, communications, guides, and policy updates, with the Hub delivering a definitive single point of access to all relevant material.
Featured on the site are a series of guides outlining the detail of the Consumer Duty and two keys areas that feed into it, charging structures and CIPs, comprehensive documents breaking down regulatory detail into an easy-to-read format, and a library of video ‘box-sets’, taking a deep dive into the practicalities of how the new rules will impact firms.
Karl Dines, SimplyBiz Head of Business Consultancy, commented: “The arrival of the Consumer Duty will create a new Principle - Principle 12 – which provides an overarching standard of conduct for firms, supported by cross-cutting rules and four client outcomes. Whilst the regulator has made it clear that common-sense proportionality should be employed when firms design their Consumer Duty proposition, there will doubtlessly be additional work needed from advisers to ensure that they are all set to fulfil the new requirements.
“Our Consumer Duty Hub was designed to deliver support in every area of meeting these requirements, and we are confident it will prove a valuable and welcome resource for our Member Firms.”