The Personal Finance Society, the 40,000 member professional body for Financial Planners, has launched a “practical toolkit” to help members embed the FCA’s new Consumer Duty requirements which begin on Monday (31 July).

The new FCA Consumer Duty requirements will mean all regulated firms having to ensure fair treatment of customers at all stages of the ‘customer journey.’

The toolkit includes analytical tools, templates and checklists designed by compliance experts who have assisted firms to prepare for the introduction of Consumer Duty, the PFS says.

The PFS says that it expects the majority of its members to already be compliant with the new Consumer Duty rules but the toolkit is intended to help firms develop beyond minimum requirements, and will be added to post-implementation of the Duty.

The tools released by the PFS this week include:

• Gap Analysis
• Implementation Plan
• Interim & Ongoing Review
• Fair Value Statement: Initial Advice
• Fair Value Statement: Ongoing Advice
• Fee Divergence Register
• Vulnerable Client Checklist
• Vulnerable Client Register

Some of the templates are pre-populated with example answers, drawn from real-life scenarios. The FCA says firms can use these examples for their wordings for Consumer Duty documentation, or treat them as a rough guide when completing the template.

The toolkit also contains a vulnerable client checklist and register.

The PFS plans further resources during the autumn, including self-assessment tools for individuals, diagnostic materials for firms and new learning modules.

Daniel Williams, PFS board director, said: “I’m delighted to see the PFS introduce these new resources to help firms of all sizes embed the FCA’s Consumer Duty rules into their business culture.

"The outcomes expected by the FCA are closely aligned with the PFS Code of Ethics, and I am keen - both as a PFS Board member and practicing Financial Planner - to help build sector understanding and drive public confidence in professional standards for the benefit of all financial planning clients and the wider public.”