Legal & General has joined professional body the Consumer Duty Alliance (CDA) which launched on 9 March.
The body has been established with the aim of promoting good practice, delivering better client outcomes and inspiring greater confidence and trust in financial advice and planning, ahead of the introduction of the Consumer Duty in July.
By sharing examples and insights on their approach, CDA members will promote better standards in benchmarking, regulatory interpretation and practice.
The body’s launch follows a Financial Vulnerability Taskforce (FVT) member survey last year, which found more than one in six (60%) respondents wanted clearer guidance ahead of the duty’s implementation deadline on 31 July.
The CDA has excluded commercial activities from its remit, with initial funding support provided by Legal & General and Howdens Brokers.
As with fellow CDA members, Legal & General has adopted an independent code of professional standards, as well as the consumer facing Financial Vulnerability Charter.
Cecilia Furner, distribution director for retail annuities at Legal & General, said: “We have always understood the value of transparency, clear standards and providing products and services that both intermediaries and customers can easily understand and benefit from, and we’re committed to supporting people in vulnerable circumstances.
“With four months to go before the Consumer Duty comes into force, the launch of the CDA is an incredibly timely initiative.
“We are delighted to partner with the alliance to share good practice in support of better client outcomes and are committed to working closely with industry peers to ensure effective delivery against the new standards.”
Keith Richards, CEO of the Consumer Duty Alliance, added: “The need for an alliance across financial services has the potential to unite the profession in both a pre- and post-consumer duty landscape, which is evident from the significant cross-sector response and encouragement following the launch of the CDA.
“We would like to thank Legal & General for their support as a Foundation Affiliate, along with their expertise and input to the creation of the Retirement Income guide.”
