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Defaqto to roll out Consumer Duty profiles

They will help advisers carry out due diligence, target market and value assessments


Financial product provider Defaqto has launched ‘Consumer Duty Profiles’ to support advisers, providers and asset managers with compliance.

The profiles, which will appear in Defaqto’s adviser software after 31 July 2023, will enable advisers to compare products, funds and DFM portfolios in a peer group on the same basis using the same data.

This will make it easier to understand whether a product offers fair value and to assess the value of a fund or DFM portfolio.

Documents for funds, DFM portfolios, single personal pension, advised platforms, drawdown for all Sipps as well as Sipps covering collective investment will be included in the portfolios.

Paul Tinkler, head of insight and consulting at Defaqto, said: “Many advisers are receiving a variety of documents which are long and inconsistent from one provider to another. In some cases, they’re having to go back to the provider to ask for more information to help them understand how or why they have come to certain conclusions.

“We would recommend providers and asset managers commission profiles on their products to ensure advisers are not excluding them in their due diligence; target market and fair value or value assessments.

“We’re also open to hearing from providers, asset managers and advisers with feedback on the documents and how we can develop them to continue to improve the support we offer our customers.”


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