Putting clients first

The Consumer Duty Alliance is an independent, not-for-profit community interest company aiming to help the retail finance sector successfully implement the FCA’s Consumer Duty.

Incorporating the Financial Vulnerability Taskforce, the Alliance works with practitioners and subject matter experts to help retail finance staff and regulated firms understand, meet and deliver the FCA’s Consumer Duty requirements.

The Alliance launched 9 March 2023 and is free to join for all sector professionals and firms who want to influence, share and learn from good Consumer Duty practice; from regulatory rules and expectations through to business-as-usual policies.

Find out how to join the Alliance .

Why the Alliance is needed

A body such as the Alliance is needed to perform two important roles:

Coordinate and promote good practice
There is evidence of good Consumer Duty activity within the retail finance and insurance sectors, but mainly in silos.
As an independent body the Alliance can coordinate, share and promote understanding and good Consumer Duty practice for the benefit of the wider market.
Work for the sector with regulator and other groups
The FCA has stated that the successful implementation of Consumer Duty could lead to a potentially less prescriptive and more flexible regulatory framework.
An independent body is ideally placed to both engage with and influence the framework’s development.
This will give Alliance members greater confidence in their interpretation and application of regulator’s rules and expectations.

Mission and Vision

The CDA’s mission is:
To inspire and increase public confidence and trust in the financial advice and planning sector through the delivery of consistently good consumer outcomes, so consumers view Alliance members and the wider sector alongside other professional services as a 'safe pair of hands'.

The CDA’s vision is:
To leverage the regulatory focus on Consumer Duty and Vulnerability to:

Raise public confidence and trust in professional financial planning services by increasing consumer understanding of how it adds value to their lives and best interests.
Encourage greater public access to financial advice and professional services by…
Raise the public’s perception of financial advice and planning alongside all other professional services as a ‘safe pair of hands’.

What to expect from The Consumer Duty Alliance

The Consumer Duty Alliance will provide:

A network for good practice and support in respect of good consumer outcomes.
An independent voice for the retail finance sector.
Consumer recognition of a Code of Professional Standards.
Signposting to appropriate organisations, support services and qualification bodies.
A basis for collaboration across professional services.
Focused events, forums and panels involving subject matter experts.

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