Dear Client,
This update provides you with some information on the SS&C Hubwise Consumer Duty Value Assessment.
The value assessment process provides an opportunity for us to demonstrate how we provide value to our underlying retail customers and how we can help to deliver good outcomes for them.
We have completed a value assessment to comply with the FCA’s Consumer Duty requirements on price and value, specifically PRIN 2A.4. These new requirements are coming into force on 31st July 2023.
The price and value outcome requires product providers and distributors, to ensure that products and services are designed to deliver fair value to the retail customers they’re aimed at, and ultimately that those customers receive fair value. SS&C Hubwise, as both a manufacturer and a distributor of products and services, is required to undertake an assessment to ensure our products and services offer fair value to all retail customers.
Conducting a value assessment and reviewing that assessment on a regular basis, appropriate to the nature and duration of the product or service, helps us evidence fair value.
In carrying out our value assessment, SS&C Hubwise took into consideration the following six criteria, as prescribed by the FCA:
- Nature of the product and its benefits, including any limitations
- Product Range
- Quality of service and support
- Mitigating foreseeable harm and potential customer vulnerability
- Our costs and charges
- Market Comparison
SS&C Hubwise offers five core Platform solutions; Platform Solution, Hubwise Connect, White Labelled, Model B and direct-to-customer (D2C).
SS&C Hubwise is also the manufacturer or co-manufacturer of the below products and services:
- SS&C Hubwise General Investment Account (GIA)
- SS&C Hubwise Individual Savings Account (ISA)
- SS&C Hubwise Junior Individual Savings Account (JISA)
- SS&C Hubwise Self-Invested Personal Pension (SIPP)
- SS&C Hubwise RL360 Offshore Bond
We have analysed the benefits of our products and services have concluded that our products and services are offering fair value to retail customers.
As circumstances change, our value assessment will be updated. It will also be reviewed at least annually to ensure it remains accurate.
Kind regards,
Douglas Boyce
Managing Director
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