Defaqto has launched a pilot of independent Consumer Duty profiles for providers in the personal pension, SIPP and adviser platform space.
The profiles are designed to help advisers meet their regulatory needs as part of Consumer Duty and are now available in Defaqto Engage and Centra.
The initial providers include Abrdn, AJ Bell, Aviva, Curtis Banks, Fidelity Adviser Solutions, LV=, Prudential, Quilter, Scottish Widows, Standard Life, Wealthtime and XPS Self Invested Pensions, across the three product areas.
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Defaqto said the new profiles enable advisers to compare products, funds, or DFM portfolios in a peer group on the same basis using the same data. The documents will enable advisers to report on the target market of the product in question, and understand who is not the target market.
They supplement the profiles already published from the top 20 recommended discretionary MPS.
Paul Tinkler, head of insight at Defaqto, said: “These newly launched profiles will provide enhanced due diligence for an adviser, and complement the documents available from providers.
“Each of our Consumer Duty profiles is structured around the four key outcomes the FCA set out in the rules and guidance: namely ‘products and services’, ‘price and value’, ‘consumer understanding’ and ‘consumer support’.”
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He added: “Where the data can be clearly compared to other propositions, we have calculated the average for numeric values, and ‘most common’ or mode for non-numeric values within Defaqto Engage. This clearly shows whether a product is in line with its peers in the market, allowing an adviser to easily tell if a product offers fair value, complementing a provider’s own statement.”
