The Consumer Duty Alliance has teamed-up with tech platform Model Office to launch a Consumer Duty focused diagnostic tool to help meet the FCA’s requirements.
The tool is free to Alliance members and offers diagnostic question sets which enable firms to benchmark their performance against Consumer Duty.
It can also be used to help prepare annual strategy reports ahead of the Consumer Duty first anniversary on 31 July and to evidence progress in other ways.
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The tool has ‘automated gap analysis’ and identifies whether any gaps remain, and provides audit reports via a ‘real-time action tracker platform’ so firms can evidence actions taken to improve performance.
It also features links to relevant regulatory and Alliance resources, including good practice guidance, to help firms to improve and validate their implementation plan.
More information on accessing the tool can be found here.
