Platforms  

Guide to consumer duty and platforms

  • Describe the impact of the consumer duty on platforms
  • Explain how platforms can help advisers in the consumer duty
  • Identify the role of technology upgrades in platforms, and the bearing it has on consumer duty
CPD
Approx.60min
Guide to consumer duty and platforms
(seventyfourimages/Envato Elements)

Introduction

The consumer duty has had a profound effect on the retail financial services sector, and is likely to continue to do so for some time.

It means that firms involved in the provision of financial services to consumers must keep in mind the delivery of fairer outcomes for clients and document that they have done so.

A key part of an adviser's business proposition is the use of platforms, so understandably they have to be considered as part of that process.

Platforms can help the adviser navigate consumer duty and offer support in numerous ways to help them understand the product and the platform itself, to make sure both are appropriate.

This guide, which comes with 60 minutes of CPD, aims to outline some of these facilities.

In this guide

CPD
Approx.60min

Please answer the six multiple choice questions below in order to bank your CPD. Multiple attempts are available until all questions are correctly answered.

  1. According to the first article, which of the following is NOT a tip for client-facing literature?

  2. According to the second article, due diligence is all about assuming protections are in place should things go wrong, true or false?

  3. According to the second article, which of the following is NOT an aspect of platform due diligence to look at?

  4. In the third article, which of the following is NOT a consequence of integrating back-office systems with a platform?

  5. In the fourth article, which of the following is NOT a consequence of increasing automation of the advice process, according to David Scholes?

  6. According to the fourth article, API-enabled platforms offer limited benefits, true or false?

Nearly There…

You have successfully answered all the questions correctly, well done!

You should now know…

  • Describe the impact of the consumer duty on platforms
  • Explain how platforms can help advisers in the consumer duty
  • Identify the role of technology upgrades in platforms, and the bearing it has on consumer duty

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