Door Ventures have announced they have adapted their Consumer Duty question set to align with updated industry guidelines.
Earlier this year Door announced the creation of a standardised solution to the Consumer Duty requirements, allowing distributors to easily request information on all four outcomes of the Duty from their providers.
The question set update comes off the back of an announcement by the joint trade association group in which a reduced emphasis was placed on the assessment of client vulnerabilities. While Door feel it is paramount that all four outcomes are covered in their solution, the questionnaire has been adapted in order to keep the content focused and in line with industry expectations.
Hargreaves Lansdown, an early advocate and adopter of Door’s Consumer Duty solution, have already used the platform to send requests to a significant number of their manufacturers. They have worked alongside Door to build the question set and approve changes made since its launch.
Kelly Range, distribution oversight manager at Hargreaves Lansdown said: ‘Implementing the Consumer Duty is an iterative process and part of that is being responsive to industry feedback and flexible to changing requirements. Finding the right partner helps us to deliver the right solutions for the benefit of our clients.’
Rob Sanders, CEO of Door said: ‘We are here to work alongside the industry and build the solutions it needs. Consumer Duty is a behemoth, and we have the unique ability to make this data consumable and actionable for our clients. Our flexibility means we can react quickly to changing requirements to create the most useful resources. When a manager has responded once to our question set, they can use that same reporting for all their distribution partners, it’s a win-win for everyone.’
The next step for Door will be to complete the feedback loop, enabling manufacturers to collect information from distributors around Consumer Duty. Door is equipped and prepared to build the question set agreed upon by the industry into new functionality that will support this direction of information exchange. Incorporating feedback and requirements from the joint trade associations will continue to impact the evolution and development of Door’s Consumer Duty solution.
To address any queries, Door and Hargreaves will be hosting a webinar in the coming weeks to give clients the opportunity to ask questions and understand how the distributor to manufacturer question set was built, how it has adapted into its current form, what can be expected when it comes to responding, and future developments
