RC - Regulatory Change & Compliance - Case Study

Case Study: Consumer Duty Compliance in Wealth Management

Background The wealth management division of a leading UK asset manager required assistance in complying with new conduct rules affecting the entire retail distribution chain. They sought:

• A comprehensive impact analysis to identify regulatory gaps.

• A detailed, board-approved implementation plan to address these gaps.

• The development of a new price and value framework and the creation of a Consumer Duty (CD) Reporting Dashboard for annual compliance assessment.

Delivery

• Conducted a thorough review of Financial Conduct Authority (FCA) publications.

• Structured the program into specific workstreams and assembled a dedicated delivery team.

• Documented detailed implementation plans and secured approval from the respective boards.

• Developed a price & value framework and authored market-leading fair value assessment literature.

• Collaborated with cross-functional teams to identify key performance indicators (KPIs) necessary for monitoring Consumer Duty outcomes.

• Designed a CD Reporting Dashboard to systematically source data and facilitate ongoing monitoring. 

• Designed the Business As Usual (BAU) Framework and Governance model to ensure the seamless embedding of the Duty.

• Provided training to staff, C-suite executives, and board members on their obligations under the new rules.

• Chaired regular steering committee and board meetings to present results and provide updates.

Benefits

• Ensured that the firm’s customers consistently received good outcomes throughout their journey—from prospective to ongoing relationship and offboarding stages.

• Demonstrated that the firm provided fair value through quality services at reasonable charges.

• Enabled the firm’s governing body to effectively monitor and attest compliance with Consumer Duty requirements.