GROW: Professional Development (April 22)

12/04/2022

Online

10:00 am

GROW: Professional Development (April 22)

Consumer Duty and the impact on you – Apricity

Consumer Duty – we know it’s coming, we know what it’s likely to look like and what firms need to be looking at to be ready. Let’s not wait to be reactive to the policy paper and have less time to implement, let’s get ahead of the game and be ready for what’s required.

Consumer Duty is nothing new for many firms, you’re already doing lots of the points in the consultation paper, but in this session, Christian ensures the i’s are dotted and the t’s crossed for you and your business.


When the FCA comes calling – Liontrust

The use of centralised investment propositions in advice firms has risen steadily over the past decade. For the purposes of this session, we’ll use a working assumption that a centralised investment proposition (or CIP) is defined as ‘a standard approach to providing investment advice, including how the client’s risk profile is assessed through to a centrally agreed investment solution’.

There have been several drivers of this change including the launch of the Retail Distribution Review, MIFID II rules, the Product Intervention and Product Governance Sourcebook rules, and the Implementation of Value Assessment. We now have the new Consumer Duty regulations that are due to come into force in July which will add a further level of client suitability, manufacturer and distributor requirement in addition to PROD and this will be covered from a CIP perspective as well.

At the beginning of 2018, the FCA introduced PROD to implement the MiFID II product governance requirements. This new sourcebook sits alongside the ESMA Guidelines on Product Governance. The purpose of PROD is basically to improve firms’ product oversight and governance processes – this includes the systems and controls they have in place to design, approve, market and manage products throughout the products’ lifecycle to ensure that they meet all legal and regulatory requirements. However, with the requirements for advisers introduced by MiFID II, this change has become supercharged.

We look at some of the most recent regulatory changes and see what it means for your business. We also show how we can help you meet the needs of your clients from an investment and portfolio perspective while demonstrating to the regulator that you have a thorough process in place.


Consumer Duty in times of geopolitical turmoil – Schroders

We recognise that it has been difficult to comprehend war in Europe once again and the inevitable human suffering and tragedy that has accompanied it. We also recognise that you and your clients expect us to remain as level headed as possible in assessing immediate geopolitical risks, changing macroeconomic and market implications, and the potential impact on your investments and decision making. In this presentation, we hope to explain how we are working hard to deliver the outcomes that your clients need from us in the face of such uncertainty, how advisers might serve the behavioural needs of clients and how we believe our solutions can play a part in the FCA’s reset of consumer duty.

We share behavioural insight from our Global Investor Survey 2021 to assist your delivery of fair value and avoidance of harm, and we’ll reference our Adviser Survey 2021 in helping you to continue to build a scalable and sustainable advisory business. Whether it’s client retention across generations, combining your strengths and ours into a powerful proposition or keeping a close eye on cost, we aim to present sustainable solutions to some of the challenges that we face.

Learning objectives:

  • Understand the macro, market and geopolitical environment in which we operate
  • Appreciate the importance of behavioural insight
  • Implement suitable solutions for client needs and outcomes.