You may have heard the term ‘Consumer Duty’ more and more in the media recently. However, do you know what this means to you, as a consumer? Our Trainee Compliance Officer, Samantha Davies, explains.

The overarching principle under Consumer Duty is that a firm must act to deliver good outcomes for clients and put clients’ needs first. At MPA, we strongly believe that this is something that our whole ethos is built around, and it’s reflected in our Company strapline; Inform, Educate, Inspire

The Consumer Duty principle consists of four key outcomes, which are described below, both with a short explanation of the meaning, how this relates to MPA and to you, as our client.

Products & Services Outcome

Provision of terms and features that match the needs of the consumers that they are designed for.

This concerns firms understanding their consumers, and being able to demonstrate how the best interest of clients are at the heart of products and services provided. At MPA we are keen to know our clients, and as much about them as possible, in order to ensure that any service given is the most suitable for that person.

Price & Value Outcome

The sale of products or services at a fair price that reflects their benefits.

At its core, this principle is about ensuring that clients get ‘fair value’. At MPA, thorough and regular research is conducted to ensure that clients receive a service and recommendations that are most suited to them and represents fair value for their needs.

Consumer Understanding

Ensuring that clients get the information they need at the right time and in a way that can be understood.

This principle concentrates on ensuring that our clients fully understand products and services that are offered and recommended to them and highlights the relevance of clear communication. At MPA, clear communication is fundamental, from providing regular newsletters and stories on our website, to ensuring that our client facing documents are as free from jargon and as clear to understand as possible.

Consumer Support

Responsive and accessible client support

The principle surrounding consumer support follows on from Consumer Understanding, in ensuring that the channels of communication and documentation used meet the varying needs of our clients. Here at MPA, we have a variety of ways to contact advisers and support staff including e-mail, phone, by post and a secure portal where clients can log on and send and receive secure messages at any time that suits them.

For more information about MPA’s values and ethos in supporting our clients, visit: https://www.mpafm.co.uk/about/how-we-work/.