Consumer Duty: Our Promise to You

You may have seen the phrase ‘Consumer Duty’ across recent headlines within the financial world, but what does that mean to you as a client receiving financial advice?

Consumer Duty was introduced on 31st July 2023 by the Financial Conduct Authority (FCA), the regulatory body for the UK financial markets. Given the current economic climate, political backdrop and ongoing cost of living struggles, the FCA is focused on ensuring that firms are actively striving to deliver “good outcomes for retail customers” and requires them to evidence this accordingly.

The aim of the Duty is to set higher standards of consumer protection and ensure consumers receive the right level of support, clear communication and fair value. Consumer Duty should be part of every action taken by adviser firms, from the careful selection of products and services provided, to the ongoing communication you receive.

As a business, the FCA require us to prove our Consumer Duty and differentiate us from the service provided by investment houses, which falls to their own obligation and our Investment Committee oversight. As a result, our clients will soon receive a survey to evaluate the service of your adviser and subsequent support, we would appreciate your participation.
Since founding Integrity365, we have always aimed to ensure that you, our valued client, are at the centre of our business. Consumer Duty is therefore intrinsically linked to our own core values that we strive to uphold, including:

As well as having an open, direct line of communication with your Independent Financial Adviser, we ensure that you also have access to their dedicated advisory team to support you when you need them, who work together collaboratively with you at heart. Furthermore, as an extension of our services, you also have the use of our network of professional connections and eco-system partners to provide you with additional financial support where and when required.

Our job is to work with you to understand, manage and be confident in your financial plans. As well as your standard communications with your advisory team, we offer more in-depth insights into relatable financial planning topics that matter to you in a format that is accessible to you, from webinars to market updates.

Our focus is always on understanding your circumstances and requirements in order to deliver good outcomes. Not only does this mean delivering on the objectives set, but also offering value for money. In the case of investment solutions, our Investment Committee is responsible for monitoring and carefully selecting products for our Centralised Investment Proposition, with you, our client, in mind and assessing alternative options when required on a case-by-case basis.

Whilst no one can predict the future, there are ways in which to plan for the unpredictable and help ‘future proof’ your financial plans. At an individual level, your adviser works with you closely to monitor, review and adapt your financial plans based on your needs for various stages of your life – both now and in the future – with the addition or removal of plans if and when appropriate.

Life can change quickly and dramatically at any time, therefore it is important that we create a close relationship with you and your family, where appropriate, to ensure that we truly understand your circumstances and have your best interests at heart. Many life events can impact your financial situation, preferences, tolerance to risk or level of support required.

We are here to give you the advice you need when you need it, but also identify where additional support may be required in the case of more vulnerable situations as well. We hope you can rest assured that we, your trusted advisers, can be your safety net and give you peace of mind that your financial plans are in safe hands.

These measures act as a quality assurance to you that we not only surpass the industry standards set by the FCA, but also our own higher internal standards, not just because we ‘have to’ but because we believe you deserve the best service that we can possibly provide.

We ensure that we are well above and at the forefront of the marketplace when it comes to Consumer Duty, and hold ourselves to this promise.

If you have any questions regarding Consumer Duty or the details within this article, please do not hesitate to contact your Integrity365 adviser.