Consumer Duty

The Consumer Duty sets the standard of care that financial firms should give to customers in retail financial markets.

What is Consumer Duty?

The duty lays out an overriding Consumer Principle that states that “A firm must act to deliver good outcomes for retail clients”. The Consumer Principle is supported by three cross-cutting rules and four customer outcomes.

The cross-cutting rules states that a firm must:
  • Act in good faith towards retail customers
  • Avoid causing foreseeable harm to retail customers
  • Enable and support retail customers to pursue their financial objectives
The four Consumer Duty outcomes are:
  1. Products and Services
  2. Price and Value
  3. Consumer Understanding 
  4. Consumer Support

How we incorporate Consumer Duty into our business

Söderberg & Partners have a proud history of always putting the customer at the heart of everything that we do. This is a natural part of our company culture.

Söderberg & Partners Wealth Management have set up a Consumer Duty Committee reporting directly to the Board of Directors. The Committee oversees that new regulation is fully incorporated into our business. We look forward to helping you serve your clients.  

Product and Services

We provide access to a wide range of tax efficient wrappers and an extensive and flexible asset universe. We have a product governance arrangement in place that will ensure any new or altered product or service will address the needs of the target market to ensure alignment.

Price and Value  

We are committed to delivering great value to both and client and adviser. Our pricing structure will be periodically reviewed to ensure the price paid is reasonable compared to the value and benefits.  

Consumer Understanding  

All the documentation and communication that we produce is clear, easy to understand and tailored to our target market. We ensure consumers have the right information at the right time to make informed decisions.  

Consumer Support  

Our Service Centre team will assist you with any issues so that you can better assist your clients. Our digital, yet personal, service offering focuses on delivering clear and easily accessible information and an excellent user experience.  

© 2024 Soderberg & Partners Wealth Management Ltd.

 

Soderberg & Partners Wealth Management Ltd is authorised and regulated by the Financial Conduct Authority (FCA Registration Number: 995131). Soderberg & Partners Wealth Management Ltd is a firm registered in England and Wales (Company Number: 14035487). Registered Office: One Temple Quay, Temple Back East, Bristol, England, BS1 6DZ