TechnologyMay 25 2023

Consumer Duty Alliance tech forum to meet in June

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Consumer Duty Alliance tech forum to meet in June

The Consumer Duty Alliance Technology Forum is due to have its inaugural meeting next month as it sets out how the group will operate.

Ian McKenna, chair of the technology forum, said the group aims to help those who want to adopt technology in their firm but may not know how to go about it.

“In creating the technology forum, Keith Richards and I are aiming to support a constituency that is presently underserved”, McKenna said. 

“There are a number of forums and groups that support advisers who are active adopters of technology, but we want to help those who are keen to adopt technology but are seeking help with the practicalities.”

The technology forum is an initiative by the Consumer Duty Alliance, a body launched in March as an independent, not-for-profit, professional body set up to provide a platform for professional development across the sector.

This includes promoting financial planning, championing the consumer duty and technology to ensure the delivery of consistently good consumer outcomes.

A LinkedIn group has been set up by the forum, which is open to anyone working for an advice firm, a product provider or a technology supplier. 

McKenna said: “The technology forum will have an operating committee made up of eight members in addition to myself as chair. 

“Members of the operating committee will be individuals working with an adviser firm or who have previously worked with an adviser firm and have specialist experience that make them suited to joining the committee.”  

The inaugural Consumer Duty Alliance Technology Forum will be held on June 5, with further meetings set for September and December.

Keith Richards, chief executive of the Consumer Duty Alliance, said: “Technology continues to play a key role as an enabler to enhanced services and efficiencies for both firms and consumers alike. 

“People of all generations have become increasingly tech savvy over recent years and expectations on the sector to become 'tech smarter’ rather than having to simply ‘work harder’ is already evident and could help bridge the unengaged consumer advice gap.”