A new specialized agency was launched today in London to facilitate compliance with the FCA’s new consumer tax requirements.
The Consumer Duty Alliance (CDA) seeks to build a “sector-wide alliance” of directories of good practices and services to support its members and the wider market.
The FCA’s new consumer obligation requirements, which require businesses to always deliver the best possible results for their customers, will be introduced in July.
Keith Richards, former CEO of the Personal Finance Society, will lead the new organization as its first CEO and will be supported by many industry experts.
Richards also runs the Financial Vulnerability Taskforce (FVT). FVT will continue as an independent brand and board of directors within the CDA Group.
Among those holding roles in the organization is Nick Cann, former CEO of the Financial Planning Institute, which merged with CISI in 2015.
Mr. Cann will chair the CDA’s Financial Planning Forum, which plays a key role in producing “good practice” content, guidance and links relevant to practitioners in the world before and after the FCA’s consumer obligations. .
Mr Cann said: After surviving a stroke 10 years ago and living with aphasia, I’m glad to be back.
CDA is a non-profit Community Interest Company (CIC), run free and by volunteers.
Membership is free and open to individuals and businesses who need to adopt a code of independent professional standards, and a consumer-oriented financial vulnerability charter.
The CDA initiative was inspired by last year’s Financial Vulnerability Taskforce (FVT) member survey calling for broader support related to consumer obligations.
Ian McKenna, CEO of technology consultancy FTRC, will chair the Alliance’s technical forum, which provides support for the use of fintech.
CDA CEO Keith Richards said: initiative.
The CDA has excluded commercial activities from its mandate with initial funding provided by Legal & General and Howdens Brokers as affiliates of the Foundation.
Richards added: “With no potential barriers to competition or commercial conflicts of interest, the CDA encourages all financial services organizations, advice firms and individuals to join the alliance.”
SimplyBiz is one of the early affiliate members of CDA.