How we engage with our stakeholders
Stakeholder engagement in action Consumer Duty and its impact on our stakeholders
The FCA’s rules require firms to consider the needs, characteristics, and objectives of their customers, including those with characteristics of vulnerability, and how they behave at every stage of the customer journey. As well as acting to deliver good customer outcomes, firms need to understand and evidence whether those outcomes are being met. We have made significant progress since the implementation of the Consumer Duty requirements on 31 July 2023 to ensure that our processes help us to deliver good outcomes. This has culminated in the production of our first Consumer Duty annual Board report, which sets out the results and management information collated over the year and actions taken to monitor and assess whether we are delivering good outcomes for our clients. We are committed to ensuring that we are serving clients and advisers appropriately and professionally, and we are focused on delivering good outcomes by providing them with clear information, good service and support, and products, services and advice that offer good value and will help them to meet their financial ambitions. We have joined the Consumer Duty Alliance as an affiliate member, this is an independent, not-for-profit professional body. It aims to support the retail finance sector in the adoption and implementation of Consumer Duty requirements through the alliance of like- minded individuals and firms. 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.
points of the client journey to gain real-time feedback and provide valuable insights in key areas of the Duty such as consumer understanding and customer support. We have updated our website, so it is easier for clients to navigate, with better defined user journeys for clients across the site. Ongoing monitoring will help to better identify where clients interact with Brooks Macdonald and the information and support they access. To further embed and provide additional support to vulnerable clients, the new website includes accessibility adjustments in desktop and mobile views. This will allow people with specific disabilities to adjust the interface and design it to their personal needs. Regulators Consumer Duty regulations aim to enhance consumer protection and prevent potential misconduct within the financial sector with the new rules setting higher and clearer standards of consumer protection across financial services, and requiring firms to demonstrate that they put their customers’ needs first. Brooks Macdonald welcomes the enhanced regulatory framework associated with the Consumer Duty that requires firms to act to deliver good outcomes for retail customers and our firm’s processes and client-centric culture are proving well aligned to the requirements of the Duty. By further enhancing our governance and robust compliance processes, ensuring fair treatment, and maintaining transparency, Brooks Macdonald aims to strengthen its relationship with regulators.
Clients Consumer Duty places a significant emphasis on firms serving their clients well and ensuring the fair treatment of clients. Brooks Macdonald recognises the importance of fostering trust and maintaining transparency with its clients. Through the implementation of Consumer Duty, Brooks Macdonald is committed to providing transparent communication to clients about fees, charges, and services. This aligns with the Consumer Duty principles of clear information, reasonable value, and appropriate support. We want to empower clients to make well- informed decisions by ensuring they understand our offerings and receive the assistance they require. Brooks Macdonald appreciates that vulnerable clients may have needs that are more challenging or complex and we have processes in place to ensure clients with characteristics of vulnerability are not disadvantaged. Our staff respond in a considered and tailored way and facilitate the necessary arrangements to assist vulnerable clients. By enhancing the client experience, Brooks Macdonald expects to build stronger relationships and further improve client satisfaction. To further embed the Duty, we participate in an annual client survey which includes questions across the four outcomes of Consumer Duty to help provide greater insight and demonstrate whether we are putting our clients’ needs first and delivering good outcomes for them. We have recently launched a client insights feedback tool which surveys clients at various
Brooks Macdonald is committed to complying with the FCA’s Consumer Duty requirements and continuing to embed the Duty throughout our business in a way that will deliver good outcomes for our clients. For new and existing products or services, the following FCA rules came into force on 31 July 2023: • A new Consumer Principle that requires firms to act to deliver good outcomes for retail customers. • Cross-cutting rules providing greater clarity on the FCA’s expectations under the new Principle and helping firms interpret the four outcomes. • Rules relating to the four outcomes the FCA requires firms to focus on under the Consumer Duty. These represent key elements of the firm-consumer relationship, which are instrumental in helping to drive good outcomes for customers.
These four outcomes relate to: 1. products and services 2. price and value 3. consumer understanding 4. consumer support
24 Brooks Macdonald Group plc Annual Report and Accounts 2024
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