The Consumer Duty Alliance has partnered with Model Office to launch an outcome’s focused diagnostic tool to help members benchmark their activity against the FCA’s consumer duty requirements.
The tool provides a diagnostic platform for firms to self-assess and audit their performance against all consumer duty regulations, providing automated gap-analysis and audit reports.
Members will also be able to access FCA links and Alliance resources via the platform to help them refine and validate their implementation of the duty.
The tool will also offer:
- Diagnostic question sets enabling firms to benchmark their performance against the consumer duty
- Aggregated supervisory dashboards, breaking down the duty into its constituent parts
- Automated gap analysis and audit reports via a real time action tracker platform so firms can evidence actions taken to improve performance
- Dynamic steers incorporating regulatory and Consumer Duty Alliance resources to improve a firm’s understanding, knowledge and validation for their implementation plan
- Financial resilience diagnostic for firms to gain automated guidance on their financial KPIs and strength
- Upgrades to Model Office-MO full AI features and benefits.
Keith Richards, chief executive of the Consumer Duty Alliance, said: “As we approach the first anniversary of consumer duty, along with the new deadlines for annual reports and closed products, the sharing of good practice guides, coupled with the use of technology can be powerful aids for firms of all sizes to benchmark and have greater confidence in their own interpretation of regulatory requirements and expectations.
“Working with Alliance ambassador, Chris Davies of Model Office on a pro-bono basis, has enabled us to broaden our programme of support and this new diagnostic tool will additionally provide evidence to the firm and FCA of their progress in meeting the duty’s regulations and identify whether any gaps remain requiring action.”
alina.khan@ft.com
