"The need for an alliance across financial services has the potential to unite the profession in both a pre-and-post consumer duty landscape."
- Keith Richards, Consumer Duty Alliance chief executive
Launched on the 9th March 2023, the Consumer Duty Alliance (CDA) is an independent, not-for-profit professional body supporting the personal finance sector amidst the implementation of the Consumer Duty. Incorporating the Financial Vulnerability Taskforce and the Financial Vulnerability Charter, the CDA encourages both individuals and firms to join the Alliance and adopt its voluntary code of professional standards.
Working with a variety of practitioners and subject matter experts, such as Johnny Timpson OBE, Nick Cann BEM and Ian Mckenna, the CDA has been established to help financial planners and firms better understand the Consumer Duty requirements ahead of the impending 31st July 2023 deadline.
Focused on education, the CDA has excluded commercial activities from its remit, with initial funding support provided by Legal & General and Howdens Brokers as Foundation Affiliates. So far, working in partnership with the Financial Vulnerability Taskforce and CDA, Legal & General has supported the launch of the ‘Consumer Duty and Retirement Income Target Market Guide’ which focuses on advice firms and what advice they might consider the changing retirement income landscape and evolving consumer needs.
Commenting on the partnership, Cecilia Furner, Legal & General Retail Annuities distribution director, has said:
"At Legal & General, we welcome the new Consumer Duty as it reinforces the importance of consumer protection and drives enhanced outcomes.
"We have always understood the value of transparency, clear standards and providing products and services that both intermediaries and customers can easily understand and benefit from, and we’re committed to supporting people in vulnerable circumstances.
"With four months to go before the Consumer Duty comes into force, the launch of the CDA is an incredibly timely initiative. We are delighted to partner with the Alliance to share good practice in support of better client outcomes and are committed to working closely with industry peers to ensure effective delivery against the new standards."
Keith Richards, Consumer Duty Alliance chief executive, added:
"The need for an alliance across financial services has the potential to unite the profession in both a pre-and-post consumer duty landscape, which is evident from the significant cross-sector response and encouragement following the launch of the CDA.
"We would like to thank Legal & General for their support as a Foundation Affiliate, along with their expertise and input to the creation of the Retirement Income guide."