How Evelyn Partners have approached Consumer Duty
On the 27th July 2022 the FCA published final rules on Consumer Duty, referencing the need for Firms to act to deliver good outcomes for retail customers which includes requirements for both manufacturers and distributors. Under the new Consumer Duty, the FCA has set out three rules: (1) Acting in good faith, (2) Avoiding causing foreseeable harm and (3) Enabling and supporting customers to pursue their financial objectives. These are supported by the four Consumer Duty outcomes: Products and Services, Price and Value, Consumer Understanding and Consumer Support.
Our approach to Consumer Duty has been to review all of the requirements and guidance, take examples of what good looks like that the FCA has provided, and through a series of in-depth workshops for each of our product areas ask ourselves, "are we doing this well enough?". From those workshops and feedback sessions we developed a detailed project plan, with areas where we felt our existing activities were fit for purpose, areas where improvement was required and areas which required building new processes, MI and frameworks.
The key areas of work have included (amongst many other things):
- Developing a new client feedback programme with Consumer Duty related questions to obtain continuous feedback from our clients on their experiences.
- Assessing key client communications and high-risk communications and engaging an external provider to support a review to ensure client understanding is optimised.
- Developing the new product governance and fair value framework and assessing each of our products and services against these new frameworks, explained in more detail on this site.
- Developing new MI dashboards mapped against Consumer Duty outcomes so we can see trends in complaints, client file review outcomes, service and support provided to clients and other metrics, all through the Consumer Duty lens.
- Updating our governance framework to include a Consumer Duty champion, SMCR mapping, compulsory training, board reporting and attestation requirements, to ensure the governance supporting Consumer Duty is sufficiently robust .
Throughout the programme we have attended industry forums and events and collaborated with manufacturers, distributors and service providers we work with, to ensure our approach is consistent and fit for purpose.
We welcome any feedback you may have on the content of this site and for any further questions, please refer to your Evelyn Partners relationship manager.
Two-way information sharing
Given the short timelines to implement the new rules for new and existing products by the end of July 2023, early dialogue and information sharing between manufacturers and distributors is important. We have created this portal in order to share information for Evelyn Partners as a Manufacturer and as a Distributor.
We expect those counterparties for whom we are a distributor to provide us with information as per the Consumer Duty requirements before 30th April 2023 and those counterparties who distribute our products to provide us with relevant MI, where possible, before 31st July 2023.
We commit to providing the help that you need to meet your requirements with this portal.
Evelyn Partners as a Manufacturer
To meet the Consumer Duty milestone of 30th April 2023, we have provided a summary of the products and services we manufacture that are distributed by others. We have updated our pages with the information on Evelyn Partners products and services. Please click the link below to view the latest information, including Product Information Sheets.
If you are a distributor for our products and services, such as a Financial Adviser or Platform, please click on the link below to access our product information sheets.
Evelyn Partners as a Distributor
Before 31st July 2023, we intend to provide our Distributor Feedback Questionnaires on this portal to supply manufacturers with the information, they need to satisfy the Consumer Duty regulations.
We will update these pages on an ongoing basis with information on Evelyn Partners and for each of our products.