The Consumer Duty rules proposed by the Financial Conduct Authority (FCA) will raise expectations for the standard of care financial advice firms provide, essentially putting customers’ needs first at every stage of the supply chain and product delivery.
Fundamentally the principles impact the way regulated firms treat consumers and assess products and services. There are clear expectations from the FCA for firms to place the interests of their clients at the centre of their purpose and culture, and to ensure that they are embedded throughout the organisation, in order to ‘deliver good outcomes for retail customers.’
Consumer Duty can be regarded as an opportunity to reflect and think about a best-in-class approach – a chance to embrace and reset, building the next generation of customer experience to gain competitive advantage. At P1 we’ve always believed in striving for better customer service and outcomes. We’re here to support you to face your Consumer Duty responsibilities with confidence and clarity.
What does the Consumer Duty mean for your business?
You will need to demonstrate that your clients are able to make ‘effective decisions’ by providing them with easy-to-understand information, delivered at the right time. The Duty requires you to support your clients in a ‘responsive and accessible’ way and clients should be able to switch or cancel products as easily as they purchased them.
The clock is ticking. Due to be implemented on 31 July 2023, there are only a few months left to organise, prepare and implement. The P1 Platform meets Consumer Duty principles and is ideally positioned to support adviser firms do so too.
The Four Outcomes – we’ve got it covered
The Consumer Duty has four outcomes, and the P1 Platform helps you meet them all.
Products and Services
Delivering good outcomes
The P1 Platform is designed for UK-based clients who are investing for the medium-to-long term, and is specifically tailored to those choosing to invest into regulated investment products and services. Appropriate for a wide variety of your clients, the P1 Platform is a cost-effective solution across every client scenario.
Delivering good outcomes requires efficient processes. Do you want to be able to open accounts in minutes, access a range of wrappers and efficiently manage your clients’ investments on an advised or discretionary basis? Paperless processing means the onboarding, managing and transfer of accounts is easy for you and your clients. Our Platform is easy, intuitive and fast, allowing you to portray a thoroughly professional image and manage your clients in the way you want.
We have taken time to assess how the Platform matches the Consumer Duty requirements for products and services and we believe that the Platform represents true value for your clients. Our commitment doesn’t stop – we will continually monitor value for clients and make any improvements where necessary, facilitating the delivery of good outcomes for your clients.
Price and Value
Demonstrating fair value, including between groups
The goal of the P1 Platform is simple; to add as much value to consumers as possible at a low price point. The lowest cost platform in the UK across most client scenarios, it is highly efficient and thoughtfully constructed technology – future-proofed to last.
Low cost and fair value for your clients is our priority. We can help you to assess your current choice of platform and how its charges are impacting your clients’ investment costs. P1 is your starting point when choosing the right platform for your clients. You can see how this works in practice by using our cost calculator here.
We appreciate the impact that excessive charges have on long-term investment performance so we keep our charges as low as possible and will continue to do so. We can do this as we’re not hindered by legacy systems. We continue to work hard to keep our platform efficient, allowing us to provide an innovative platform at a market leading price.
Helping customers pursue their objectives and avoid foreseeable harm
We pride ourselves on being straightforward and transparent, as such the P1 Platform strips out jargon, simplifying life for you and your clients. All of our documentation is carefully crafted to meet Plain English standards. We ensure that we only provide relevant and clear client reporting. And our charging structure is simple.
Tailored to the needs of customers
We are tuned in to the need to support and provide clarity to clients, we ensure delivery of this through achieving fast response times, enabling you to provide the right support to your clients quickly and effectively. We go the extra mile to respond to advisers quickly and with clarity.
Our team provides excellent service levels, far superior to more expensive platforms, inherently driving value to your offering. We haven’t just focused on implementing leading technology, we know that support is crucial. Our support team are highly trained and quick to respond, meaning you can fully focus on helping your clients to pursue their financial objectives. The Platform portal allows you to have the same view as your clients, making reviews and client support so much easier.
When you partner with us, efficiency comes as standard
For the optimum combination of cost efficiency, high service levels and efficiencies, the P1 Platform unashamedly offers it all.
Adopting the P1 Platform is a partnership – we work with you to produce the best outcomes for both you and your clients, helping you to meet Consumer Duty requirements, whilst keeping your clients happy, supported and working in the way you want – ultimately allowing you to focus on providing the most efficient service to your clients, adding value to your proposition every day.
Time to take control
Rather than waiting until the FCA policy statement in July 2023, take control and identify any actions you need to take now.
Find out how P1 can help you and your business meet Consumer Duty principles, with honest, straightforward, practical advice, and support every step of the way.
Download our handy guide to Consumer Duty
Our guide highlights your responsibilities and how P1 can help you meet them.