Door, the leading fund research platform, and the data and technology specialist FE fundinfo have created a joint solution to the Financial Conduct Authority’s (FCA) Consumer Duty regulation, which comes into full force this July.
Door have built a Consumer Duty Question Set covering all four outcomes of the Duty, with data points that will be pulled directly from FE fundinfo’s existing fund data set, including content from standardised industry data templates. The existing Door technology has been leveraged and built-out to support this new data set and subsequent flag reporting tools for responses.
Consumer Duty is a new requirement from the FCA aiming to improve how firms serve their clients, setting higher and clearer standards for consumer protection.
Firms must demonstrate, by the end of July, that they have sufficient controls in place to check that they are delivering good outcomes in the four areas of products and services, price and value, consumer understanding and support. The sheer volume of reporting and analysis now required means both asset and wealth managers need a simplified, standardised and digitised solution to meet this challenge.
Through its partnership with FE fundinfo, Door is offering a streamlined, standard solution to the new requirement. This is achieved through the powerful combination of FE fundinfo’s data provision and Door’s existing information gathering and reporting tools.
Rob Sanders, Chief Executive and Co-founder of Door, says: “We are ideally placed to help firms with the open exchange of information necessary to meet the FCA’s new requirements on consumer protection.
“By powering our platform with FE fundinfo data, we can significantly reduce the time and resource taken by our clients to meet this regulation, covering all four outcomes of Consumer Duty.
“Over time, we will develop the feedback loops between distributors and asset managers – to help the entire industry raise its game on investor protection.”
Philipp Portmann, Head of Business Development and Strategy at FE fundinfo, says: “Combining our data sets with Door will enable our mutual clients to meet Consumer Duty requirements easily and efficiently. We are excited to launch the first iteration of our data partnership and look forward to supporting Consumer Duty.”