Consumer dutyMar 24 2023

L&G partners with Consumer Duty Alliance to promote good practice

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L&G partners with Consumer Duty Alliance to promote good practice
By joining the Consumer Duty Alliiance, L&G has committed to promote good practice in the industry. (Pexels/Savvas Stavrinos)

Legal & General has become a member of the Consumer Duty Alliance, the independent professional body set up and run by former PFS chief executive Keith Richards.

As with other Consumer Duty Alliance members, L&G has adopted an independent code of professional standards, as well as the consumer facing Financial Vulnerability Charter.

By joining the CDA, the provider has committed to promote good practice in the industry and deliver better client outcomes.

The CDA, whose launch was announced by FTAdviser on March 9, has been established to inspire greater confidence and trust in financial advice and planning, ahead of the introduction of the consumer duty in July 2023. 

By sharing examples and insights on their approach, CDA members will promote better standards in benchmarking, regulatory interpretation and practice.

Cecilia Furner, distribution director, retail annuities at L&G 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.”

The launch of the CDA follows a Financial Vulnerability Taskforce member survey last year, which found 60 per cent of respondents wanted clearer guidance ahead of the consumer duty implementation deadline.

Keith Richards, CEO of the Consumer Duty Alliance, said: “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.”

The CDA brings together industry experts such as Nick Cann, Ian McKenna and Johnny Timpson, with various forums promoting financial planning, consumer duty champions, and technology, that sit beneath the CDA umbrella.