Hargreaves Lansdown has selected Door’s automated solution to ensure it meets all the requirements of the new Consumer Duty.
The Financial Conduct Authority expects all firms to demonstrate they are meeting its four key customer outcomes under the Consumer Duty by July this year.
This requires firms to manage report and administer detailed data on outcomes covering products and services; price and value; consumer understanding; and consumer support.
Hargreaves Lansdown already partners with Door for due diligence on asset managers’ investment products. Extending the relationship to cover Consumer Duty follows Door’s new partnership with FE fundinfo, bringing together all the required data onto a single platform.
Mona Christensen head of client and product outcomes, Hargreaves Lansdown, says: “A standardised solution for Consumer Duty was a natural step for us as it supports the automated delivery of Consumer Duty required information and allows for ongoing data exchange between HL as a distributor and asset managers. Implementing a digital solution for due diligence allows us to further enhance our efficiency and consistency, to the benefit of our clients.”
Rob Sanders, CEO and co-founder of Door, says: “Using our platform to automate data collection for the new Consumer Duty will be an efficient solution for many wealth managers and investment platforms to allow them to comply with the Duty.
“Asset managers can respond once and use that same reporting with all their distribution partners. And there’s no cost for any asset managers responding to the Consumer Duty Question Set on our platform.”
