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The Consumer Duty document library

Last updated: 27 April 2023

In line with regulatory requirements, Consumer Duty Target Market Statements and Value for Money Assessment Outcomes will be hosted on this page by 30th April 2023

Purpose of Disclosure - This page is designed to host our Consumer Duty Target Market Statements and Value for Money Assessment Outcomes. It is for adviser use only. Not to be used with customers.

Consumer Duty will be one of the biggest events to shape our industry in 2023, and in the years to come.
At Sapphire, we support the Consumer Duty and its principle of acting to deliver good outcomes for customers. While it will bring change and challenge but we also see it as an opportunity for growth and improvement. We are committed to collaborating with the wider community to ensure the successful implementation and execution of the Consumer Duty, working together to enhance the overall well-being and satisfaction of our customers.
Discover more about Consumer Duty by visiting the Sapphire blog - FCA PS22/9: What Consumer Duty means to Sapphire. Otherwise, here are the five key basics to Consumer Duty:

 

Why has Consumer Duty been introduced?

Individual responsibility for personal finances is greater than ever, but public trust in the personal finance industry remains weak. By raising regulatory expectations, Consumer Duty seeks to promote trust, responsibility and transparency within the industry and empower consumers to make informed financial decisions.

 

What is Consumer Duty?

The FCA published its final Consumer Duty Rules on 27 July 2022. Consumer Duty builds on previous regulations, but goes further. Consumer Duty demands that all who operate in this market must evidence that they are “acting to deliver good outcomes for retail customers”. 

 

Who is impacted by Consumer Duty?

The scope of the Consumer Duty is wide. It applies to all firms who have a material influence over retail customer outcomes. For example, it applies to firms involved in the designbuild or operation of retail products or services; firms involved in their distribution; firms involved in their communication; and firms involved in their servicing

 

 

When is Consumer Duty being implemented?

The FCA has set four Consumer Duty deadlines:

  • 31 October 2022: Implementation plans towards full compliance must have been agreed
  • 30 April 2023: Manufacturers must have completed product reviews against the rules
  • 31 July 2023: The rules apply to all open products and services 
  • 31 July 2024: The rules apply to all closed products and services

How can a firm demonstrate compliance with Consumer Duty?

This is the big question. There is no “one-size-fits-all” answer. Each firm must consider how it can evidence it is acting to deliver good outcomes. And four outcomes must be scrutinised:

  • Products & services: to evidence that the design of all products and services continue to meet the needs, characteristics and objectives of their target market
  • Price & value: to evidence that that all products and services give fair value
  • Consumer understanding: to evidence that all communications are understandable and understood.
  • Consumer support: to evidence that all customers can realise the benefits of their product or service.

Sapphire entities achieve fair value from their products, and good customer outcomes, by having embedded sound principles of product oversight and governance through the operation of its Risk and Compliance Committee, which collectively is responsible for both the design, delivery, and monitoring of our products where we are a manufacturer or a co-manufacturer.

Our target markets are defined at an appropriate level, based on the nature and complexity of our products.

We monitor performance of our products throughout their lifecycle, to ensure they meet our customers’ needs and provide fair value.

Our products are subject to annual assessment and review in conjunction with insurers to ensure products provide fair value for customers.

We review our distribution channels and the remuneration they receive to ensure they are appropriately targeted.

 

Key Documents

  • View All

Consumer Duty Letter for Anotherway Ventures Fund

Consumer Duty Letter for British Ventures EIS Fund

Consumer Duty Letter for The British Design Evergreen SEIS & EIS Fund

Consumer Duty Letter for British Robotics Scale-Up Fund

Consumer Duty Letter for British Robotics Start-Up Fund

Consumer Duty Letter for Fuel Ventures SEIS Fund

Consumer Duty Letter for Fuel Ventures Follow-On Fund

Consumer Duty Letter for Fuel Ventures Scale-Up Fund

Consumer Duty Letter for GrowthInvest Portfolio Service

Consumer Duty Letter for Love Ventures Fund III

Consumer Duty Letter for Love Ventures EIS Fund

Consumer Duty Letter for N4 Ventures Fund

Consumer Duty Letter for Nova Cofoundery SEIS & EIS Fund

Consumer Duty Letter for Regenerate Ventures Agtech Fund

Consumer Duty Letter for SideBySide EIS Fund

Consumer Duty Letter for Vala Sustainable Growth EIS

Consumer Duty Letter for Velocity EIS Scale-Up Fund III

Consumer Duty Letter for Velocity SEIS Technology Fund 4

Consumer Duty Letter for Velocity EIS Technology Fund 5

Sapphire Consumer Duty Plan

Target Market Statement

Fair Value Statement

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