Hymans Robertson On... Episode 65
The Consumer Duty
18 Jul 2022
In the latest episode of Hymans Robertson On...Paul Waters, Head of Digital Wealth at Hymans, is joined by Karen Brolly, Head of Products, and Dave Lowe, Group Head of Propositions and Technical at the platform Embark, to discuss the topic of The Consumer Duty. We look at this primarily from the wealth space - asset managers, insurers, advisers and beyond. We share our views on the advised and non-advised markets, the work needed to implement The Consumer Duty, and what difference all of this will have made in five years' time.
Please note: this podcast is for financial services providers' information and marketing purposes only and does not constitute any type of advice. For more information, please visit our website.
This podcast has been prepared by Hymans Robertson LLP, and is based upon our understanding of events as at July 2022. It is designed to be a general summary of The Consumer Duty and is based on the Consultation Papers that have been issued to date. These may be subject to change depending on the content of the FCA’s final Policy Statement on Consumer Duty.
- Headline view on consumer duty and is it needed or not : (02:45)
- Relationships, Roles and responsibilities, common language and data : (05:45)
- Challenges for insurers with end customers : (09:15)
- Advised vs non-advised markets : (11:35)
- Retired customers post freedom and choice, drawdown and annuities : (15:15)
- Legacy products challenge : (19:45)
- Consumer duty interaction with SMCR : (22:50)
- Implementation progress to date, what’s needed and how we can help : (29:00)
- Looking 5 years ahead, what difference will consumer duty have made : (34:00)