The Openwork Partnership welcomes the FCA’s Consumer Duty rules, which intend to provide higher levels of consumer protection.
Since the publication of the final guidance in July, The Openwork Partnership has been delivering a comprehensive transformation programme, identifying what the organisation and its Partner businesses need to do to ensure our response systematically meets all the necessary requirements.
Plans for the implementation of the Consumer Duty are in place for each entity in the group, and this work will continue through the duration of the review, supporting Partners to navigate these changes.
The Openwork Boards have approved robust plans to ensure our Partnership meets the new standards and implements the changes properly and on time. We have been in direct dialogue with the FCA and will soon be sharing our plans with them.
Stuart Dodson, Managing Director at The Openwork Partnership said: “The changes that will come into effect over the coming months are an extension of the work we have already been doing to ensure the highest levels of customer protection exist within our network.
“As a network, it is our priority that Partners understand what the changes are, what these mean for them and the value it brings to both their businesses and the overall Partnership.
The changes will enable our Partners to help their clients achieve their financial goals. We are confident about the plans we have put together to provide our Partners with all the information they need to meet and satisfy the new FCA regulations.”