Consumer Duty Working Group (CDWG)

The FCA published their policy paper ‘A new Consumer Duty’ in July 2022 and this becomes law from 31 July 2023.

The PASA Board agreed the Consumer Duty topic was of sufficient depth to require separate working group to take the subject forward.

The purpose of the CDWG is to develop PASA’s position on the new Consumer Duty regulations, by:

Identifying specific legislative, regulatory or process changes required to support the delivery of Consumer Duty
Creating relevant Guidance for trustees, providers, administrators and sponsors
Responding to relevant consultations
Exploring the regulations, identifying what these responsibilities mean for trustees, providers, administrators and sponsors and understanding the outcomes we should be working towards

Publications

December 2023 PASA webinar – Consumer Duty: How’s it going?

Six months on from the consumer duty implementation deadline for open products, and with the deadline for closed books in 2024 fast approaching, PASA’s newly set-up Consumer Duty Working Group hosted a webinar covering some of the lessons learned so far. Robert Holford (Altus) chairs as panel members Jayne Pocock (Clara Pensions), Samantha Holloway (L&G), Robin Harries (Quietroom), Ross Wilson (Buck) and Samantha Brown (Herbert Smith Freehills) cover a range of topics including:

1. The impact on pension administrators so far

2. The metrics organisations should be tracking

3. The communication of value between consumers and providers

4. The impact on the culture of the industry

5. The interaction with proposed Value for Money regulations

You can check out the recording below.