Consumer Duty
Consumer Duty
Supporting advisers to meet Consumer Duty with confidence
The Consumer Duty rules introduced by the Financial Conduct Authority (FCA) in July 2023 significantly raised expectations around the standard of care provided by financial advice firms. These rules place customer needs at the centre of every stage of the product and service journey.
At its core, Consumer Duty changes how firms design, deliver and review their services. It requires organisations to embed a culture that consistently delivers good outcomes for retail customers.
At P1, our focus has always been on improving customer outcomes and service standards. We are here to help you meet your Consumer Duty obligations with clarity and confidence.
What does Consumer Duty mean for your business?
To comply with Consumer Duty, firms must:
Ensure clients can make informed and effective decisions through clear, timely and understandable information
Provide accessible and responsive support throughout the customer journey
Make it as easy for clients to switch or cancel products as it is to purchase them
The Four Outcomes
Consumer Duty is built around four key outcomes. The P1 Platform is designed to support all of them.
1. Products and Services
Delivering good outcomes
The P1 Platform is designed for UK-based investors with medium to long-term goals, using regulated investment products and services.
It is suitable for a wide range of client needs and offers a cost-effective solution across different investment scenarios.
Efficient processes are essential to delivering strong outcomes. With P1, you can:
Open accounts quickly
Access a broad range of tax wrappers
Manage investments efficiently (advised or discretionary)
Benefit from a fully paperless onboarding and transfer process
The platform is intuitive, fast and easy to use, helping you deliver a professional and seamless experience to your clients.
2. Price and Value
Demonstrating fair value
The platform is designed to provide strong value for money without compromising on functionality or service.
Transparent and competitive pricing
Ongoing monitoring to ensure fair value
Continuous improvements to enhance client outcomes
Supporting advisers to meet Consumer Duty with confidence
The Consumer Duty rules introduced by the Financial Conduct Authority (FCA) in July 2023 significantly raised expectations around the standard of care provided by financial advice firms. These rules place customer needs at the centre of every stage of the product and service journey.
At its core, Consumer Duty changes how firms design, deliver and review their services. It requires organisations to embed a culture that consistently delivers good outcomes for retail customers.
At P1, our focus has always been on improving customer outcomes and service standards. We are here to help you meet your Consumer Duty obligations with clarity and confidence.
What does Consumer Duty mean for your business?
To comply with Consumer Duty, firms must:
Ensure clients can make informed and effective decisions through clear, timely and understandable information
Provide accessible and responsive support throughout the customer journey
Make it as easy for clients to switch or cancel products as it is to purchase them
The Four Outcomes
Consumer Duty is built around four key outcomes. The P1 Platform is designed to support all of them.
1. Products and Services
Delivering good outcomes
The P1 Platform is designed for UK-based investors with medium to long-term goals, using regulated investment products and services.
It is suitable for a wide range of client needs and offers a cost-effective solution across different investment scenarios.
Efficient processes are essential to delivering strong outcomes. With P1, you can:
Open accounts quickly
Access a broad range of tax wrappers
Manage investments efficiently (advised or discretionary)
Benefit from a fully paperless onboarding and transfer process
The platform is intuitive, fast and easy to use, helping you deliver a professional and seamless experience to your clients.
2. Price and Value
Demonstrating fair value
The platform is designed to provide strong value for money without compromising on functionality or service.
Transparent and competitive pricing
Ongoing monitoring to ensure fair value
Continuous improvements to enhance client outcomes
Supporting advisers to meet Consumer Duty with confidence
The Consumer Duty rules introduced by the Financial Conduct Authority (FCA) in July 2023 significantly raised expectations around the standard of care provided by financial advice firms. These rules place customer needs at the centre of every stage of the product and service journey.
At its core, Consumer Duty changes how firms design, deliver and review their services. It requires organisations to embed a culture that consistently delivers good outcomes for retail customers.
At P1, our focus has always been on improving customer outcomes and service standards. We are here to help you meet your Consumer Duty obligations with clarity and confidence.
What does Consumer Duty mean for your business?
To comply with Consumer Duty, firms must:
Ensure clients can make informed and effective decisions through clear, timely and understandable information
Provide accessible and responsive support throughout the customer journey
Make it as easy for clients to switch or cancel products as it is to purchase them
The Four Outcomes
Consumer Duty is built around four key outcomes. The P1 Platform is designed to support all of them.
1. Products and Services
Delivering good outcomes
The P1 Platform is designed for UK-based investors with medium to long-term goals, using regulated investment products and services.
It is suitable for a wide range of client needs and offers a cost-effective solution across different investment scenarios.
Efficient processes are essential to delivering strong outcomes. With P1, you can:
Open accounts quickly
Access a broad range of tax wrappers
Manage investments efficiently (advised or discretionary)
Benefit from a fully paperless onboarding and transfer process
The platform is intuitive, fast and easy to use, helping you deliver a professional and seamless experience to your clients.
2. Price and Value
Demonstrating fair value
The platform is designed to provide strong value for money without compromising on functionality or service.
Transparent and competitive pricing
Ongoing monitoring to ensure fair value
Continuous improvements to enhance client outcomes
3. Consumer Understanding
Clear and simple communication
Clients must be able to understand the information they receive.
P1 supports this by:
Using plain English across documentation
Providing clear and relevant reporting
Offering a simple, easy-to-navigate interface
Avoiding unnecessary complexity and jargon
4. Consumer Support
Responsive and accessible service
Clients should receive the support they need throughout their journey.
P1 delivers this through:
Fast response times
Clear and effective communication
High service standards
Reduced administrative burden for advisers
This allows you to focus more on helping clients achieve their financial goals.
A better approach to Consumer Duty
Consumer Duty should be seen as an opportunity to improve and evolve your business.
It enables firms to:
Enhance customer experience
Strengthen trust and transparency
Build long-term competitive advantage
At P1, we are committed to helping you embrace these changes and deliver consistently good outcomes for your clients.
Get in touch
Find out how P1 can support your business in meeting Consumer Duty requirements with practical, straightforward guidance every step of the way.
3. Consumer Understanding
Clear and simple communication
Clients must be able to understand the information they receive.
P1 supports this by:
Using plain English across documentation
Providing clear and relevant reporting
Offering a simple, easy-to-navigate interface
Avoiding unnecessary complexity and jargon
4. Consumer Support
Responsive and accessible service
Clients should receive the support they need throughout their journey.
P1 delivers this through:
Fast response times
Clear and effective communication
High service standards
Reduced administrative burden for advisers
This allows you to focus more on helping clients achieve their financial goals.
A better approach to Consumer Duty
Consumer Duty should be seen as an opportunity to improve and evolve your business.
It enables firms to:
Enhance customer experience
Strengthen trust and transparency
Build long-term competitive advantage
At P1, we are committed to helping you embrace these changes and deliver consistently good outcomes for your clients.
Get in touch
Find out how P1 can support your business in meeting Consumer Duty requirements with practical, straightforward guidance every step of the way.
3. Consumer Understanding
Clear and simple communication
Clients must be able to understand the information they receive.
P1 supports this by:
Using plain English across documentation
Providing clear and relevant reporting
Offering a simple, easy-to-navigate interface
Avoiding unnecessary complexity and jargon
4. Consumer Support
Responsive and accessible service
Clients should receive the support they need throughout their journey.
P1 delivers this through:
Fast response times
Clear and effective communication
High service standards
Reduced administrative burden for advisers
This allows you to focus more on helping clients achieve their financial goals.
A better approach to Consumer Duty
Consumer Duty should be seen as an opportunity to improve and evolve your business.
It enables firms to:
Enhance customer experience
Strengthen trust and transparency
Build long-term competitive advantage
At P1, we are committed to helping you embrace these changes and deliver consistently good outcomes for your clients.
Get in touch
Find out how P1 can support your business in meeting Consumer Duty requirements with practical, straightforward guidance every step of the way.