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Consumer Duty and what it means to Arbuthnot Latham

Arbuthnot Latham is manufacturer and distributor of banking, lending, and wealth management products and services.

Some products and services manufactured by Arbuthnot Latham are also distributed by third parties.

Here, we provide key information to distributors of these products and services as well as other firms with whom we have a relationship (such as introducers or brokers).

For distributors, we have produced product sheets which set out the intended target market, distribution strategy, and the outcome of our value assessments.

These can be accessed from the links below.

Our approach to the Financial Conduct Authority’s New Consumer Duty (the Duty) means continuing to ensure that clients are the heart of everything we do.

Over the past few months, we have undertaken a large-scale assessment of the Consumer Duty outcomes by reviewing our products and services, pricing structure, communications, and support infrastructure.

Below, we outline our approach to each of the outcomes to ensure we complied with the new regulation by the 31 July 2023 deadline.

 

Products and services

We have conducted a review of each of our products and services which included assessments of:

  • Any potential foreseeable harm related to the service and the controls in place to mitigate the risk of harm.
  • The target market for each product to ensure the products and services are designed to continue to meet the needs of the target market.
  • The product design and features, including product purpose and functionality

 

Price and value

A fair value assessment has been conducted on each of our products. The value assessments included a review of the product benefits, limitations, costs, and a competitor analysis. We have assessed all products and services manufactured by us as providing fair value to clients.

 

Consumer understanding

We have undertaken a bank-wide review of client-facing documents, letters, and brochures with external consumer duty experts.

Following that feedback, we are further developing and enhancing our existing communication standards and supporting the production of best-in-class client communications. We are doing this to improve clarity and client understanding.

We are doing this to improve clarity and client understanding.

 

Consumer support

As a relationship led bank, our purpose is to help our clients go further. This means ensuring that they receive a bespoke service, tailored to their needs, helping them achieve their financial goals.

As part of our product reviews, we have assessed the level of support provided to clients and the channels available to access this support. We have also assessed the individual support streams offered to clients.

The review spanned the entire client base and we have concluded that the range of support channels provided clients, including those with characteristics of vulnerability, with the support they need to pursue their financial goals.