Using tech for consumer duty compliance no longer luxury

Manual processes also do not provide the electronic audit trail that regulators like to see and which make boards and senior managers able to assess whether the firm is meeting its obligations. 

Using a technology solution to support consumer duty compliance is no longer a luxury, but a necessity.

A dedicated product management solution ensures teams are all working with a single, golden source of data, and are engaging in approved, best practice workflows throughout the life of a product.

Senior managers and boards will have timely access to high-quality information about consumer duty compliance.

Providing regulators with data is just a click of a button away.

Financial advice and wealth management firms should consider the digitisation of product governance as an essential step in consumer duty compliance as they build their plans for October of this year. 

Josh Blundell is client director at Kore Labs