Consumer Duty Update January 2023

Modified on Fri, 28 Jun, 2024 at 12:56 PM

Dear Client,

Firstly, I would like to wish you all the best for 2023 and hope it brings you continued success and prosperity. As promised in our last correspondence I want to keep you updated on the progress we are making on the implementation of the FCA’s new Consumer Duty at SS&C Hubwise ahead of the July 2023 regulatory deadline.

A reminder of previous milestones

Completion of a detailed analysis of the regulatory requirements and the potential impacts on SS&C Hubwise.
Board approval of the Consumer Duty Implementation Plan
Appointment of Matt Kemp, SS&C Group Chief Operating Officer as our Consumer Duty Champion
Establishing a project to define the lower-level deliverables in each area where Consumer Duty is applicable in order to deliver the necessary changes before the end of July, 2023

Recent Progress

We have established a Steering Committee, consisting of senior personnel who have been tasked with the oversight of the effective implementation of compliance with Consumer Duty rules across the business.

A gap analysis has been carried out against the detailed Consumer Duty rules which will be reviewed by the relevant business teams.

A mapping exercise will be completed in the coming weeks to define deliverables for the below areas:-

Review of Products and Services to ensure fair value and good consumer outcomes
Client communication and support
Management Information
Staff Training & Culture

Workstreams have been identified across the core areas of the business to assess and analyse business processes to implement best practices in line with the Consumer Duty principles, rules and guidance.

Analysis has been performed on the FCA Multi Firm Review published on January 25th and shared with all stakeholders to ensure focus and visibility on the FCA’s expectations.

We will continue to share regular monthly updates with you on the progress we are making.

Should you have any questions then please click the “Contact Customer Services” button below.

Douglas Boyce

Managing Director