THE RIGHT MORTGAGE REVAMPS CONSUMER DUTY HUB WITH NEW RESOURCES AND SUPPORT FOR MEMBER FIRMS

26 July 2023

The Right Mortgage & Protection Network has announced a full revamp of its Consumer Duty Hub for member firms, adding further resources and support ahead of the 31st July deadline for implementation of the new rules.

The refreshed Hub now contains a range of additional resources, sales aids and pre-approved marketing templates which can be easily downloaded and personalised with the individual firm’s brand colours, logos and contact details.

Documentation recently added includes: a Welcome Park for clients with a new Terms of Business; a ‘Have you got the cover you need?’ pack for protection and insurances; an Insurance Declaration Form; anniversary statement sales aids template; various promotional videos; annual review email templates; a range of new social media posts; and one-page product guides.

The Consumer Duty Hub is split into four distinct aspects covering resources which focus on the relationships between firms and their clients including: products and services; price and value; consumer understanding; and consumer support.

There are also Frequently Asked Questions and Answers on the Consumer Duty, an adviser toolkit dedicated to helping firms demonstrate how they clients at the heart of their business, a Consumer Duty poster for consumers, plus other templated documents covering a range of products and services.

The Right Mortgage has also introduced a number of Consumer Duty implementation policy changes to ensure all member firms are consistently delivering the very best consumer outcomes.

Ben Allen, Compliance Director at The Right Mortgage & Protection Network, commented:

“We are now just a week away from the Consumer Duty implementation deadline for the end of July, and it’s vitally important advisory firms continue to keep working towards this, evidencing the work they are carrying out, the changes they are making, and how this works with the new rules and, importantly, how this delivers positive consumer outcomes.

“At The Right Mortgage we continue to add support and resource to our Consumer Hub, which has been revamped, and which now contains a wealth of information and tangible templated documentation that firms can use across many aspects of their service and product provision.

“We’re asking all members to ensure they continue to take Consumer Duty seriously, and to integrate these new requirements into their existing process, and they are able to evidence the changes they are making, and how it helps them comply with the new rules.

“Consumer Duty has been a journey, and even with the passing of a deadline, there is a continued focus on what the regulator wants us all to achieve, namely putting customers at the heart of our business and working to achieve good customer outcomes.

“We’ll therefore continue to support and collaborate with member firms, providing them with more resources, sales aids, and templates to ensure they are fully up to speed and evidencing how they are meeting these outcomes, and how they are ensuring their clients are seeing the positives of this new approach. We recognise this is a key benefit of being one of our member firms and have a strong commitment to delivering quality in this area for all.”

For more information on The Right Mortgage & Protection Network, The Right DA Club, and sister companies The Later Life Lending Network or The Right PMI & Healthcare, please contact: joinus@therightmortgage.co.uk or visit www.therightmortgage.co.uk