Legal & General has joined the newly launched Consumer Duty Alliance (CDA), an independent professional body dedicated to promoting good practice and delivering better client outcomes in the financial advice and planning sector.
The CDA, launched on March 9th, 2023, aims to inspire greater confidence and trust in financial advice ahead of the introduction of the Consumer Duty in July 2023.
CDA members will share examples and insights on benchmarking, regulatory interpretation, and practice to improve industry standards.
The establishment of the CDA follows a Financial Vulnerability Taskforce (FVT) member survey last year, which revealed that 60% of respondents desired clearer guidance ahead of the Consumer Duty implementation deadline on July 31st, 2023.
Legal & General, along with Howdens Brokers, provided initial funding support as Foundation Affiliates, and the CDA has excluded commercial activities from its scope.
Legal & General has also adopted the independent Code of Professional Standards and the consumer-facing Financial Vulnerability Charter, like other CDA members.
Legal & General has collaborated with the Financial Vulnerability Taskforce and the CDA to launch the ‘Consumer Duty and Retirement Income target market guide,’ focusing on how advice firms can adapt to the new Consumer Duty in the context of a changing retirement income landscape.
Cecilia Furner, distribution director at Legal & General, said they are “delighted to partner with the Alliance to share good practice in support of better client outcomes” and look forward to working closely with industry peers to ensure effective delivery against the new standards.
