The deadline for Distributor firms arrived on 31st July, so did your firm meet the deadline?
Having spoken to many firms over the past 18 months about meeting the NCD deadline of 31st July I have seen my fair share of Consumer Duty documentation and had plenty of discussions on the processes and policies that firms have undertaken.
This past Monday seems to have passed with a relative whimper rather than a fanfare; almost perhaps going unnoticed. All the hard work undertaken however will not have been in vain and I hope that firms have gained some positives out of the conversations and the delving deeper into policies and procedures; and ultimately preparing your firm for this new era of regulation.
The last part of the puzzle for most firms was the completion of the Fair Value Assessment and perhaps asking yourselves some difficult questions and playing devil’s advocate to justify the price and value of your services.
So, Congratulations! You made it! You have prepared your firm to ensure that you are making a positive difference for customers, old and new, and ensuring better customer outcomes and preventing them from foreseeable harm.
If however you are not quite there and you are finding yourself slightly behind on the NCD curve, do not panic but contact us immediately, and let us help get you over the line.