Consumer Duty for Distributors of 7IM Products & Services
Helping you, our distributing partner, fulfil your obligations
What is the Consumer Duty?
The Consumer Duty was introduced by the Financial Conduct Authority (FCA) in July 2022. It has been designed to promote better outcomes for consumers by encouraging firms to put their customers at the heart of their business models. The Duty introduced four outcomes which, as a manufacturer, we have assessed ourselves against.
The four outcomes
In addition to embedding the new Consumer Principle across the firm, we have assessed our products and services against the four Consumer Duty outcomes: Products and Services, Price and Value, Consumer Understanding, and Consumer Support. The 7IM Consumer Duty Report contains our findings from our assessment and the information you need as a distributor to fulfil your obligations. When assessing each of our products and services alignment with the Duty and its objectives, we have used the cross-cutting rules as a guide to determine if any enhancements are required.
Our findings
Below you can find a summary review of our distributed products and services, details of their target market and a link to the full Consumer Duty report.
7IM Platform Service
1. Products and Services: We have enhanced our existing product design and lifecycle management framework to ensure that we are assessing the service against the four outcomes, as well as important considerations such as client vulnerability.
Additionally, we have provided target market information to share with you to ensure you can assess the service's suitability for your clients.
Target Market Definition for 7IM Platform Service
Target Market Definition for 7IM Investment Account, ISA and JISA
2. Price and Value: Based on our assessment, we have concluded that the 7IM Platform Service provides fair value to the target market.
3. Consumer Understanding: We have engaged a third-party research firm to support our consumer understanding testing programme.
4. Consumer Support: We have identified a small number of processes where we are taking the opportunity to make further enhancements to improve the support that we provide clients.
7IM Model Portfolio Service (MPS)
1. Products and Services: We have enhanced our existing product design and lifecycle management framework to ensure that we are assessing the service against the four outcomes, as well as important considerations such as client vulnerability.
Additionally, we have provided target market information to share with you to ensure you can assess the service's suitability for your clients.
Target Market Definition for 7IM Model Portfolio Service
2. Price and Value: Based on our assessment, we have concluded that the 7IM Model Portfolio Service provides fair value to the target market.
3. Consumer Understanding: We have engaged a third-party research firm to support our consumer understanding testing programme.
4. Consumer Support: We have identified a small number of processes where we are taking the opportunity to make further enhancements to improve the support that we provide clients.
7IM Funds
1. Products and Services: We have enhanced our existing product design and lifecycle management framework to ensure that we are assessing the service against the four outcomes, as well as important considerations such as client vulnerability.
Additionally, we have provided target market information to share with you to ensure you can assess the products' suitability for your clients.
Target Market Definition for 7IM Funds
2. Price and Value: We have been conducting an annual assessment of value for our funds since 2020, which you can find here.
3. Consumer Understanding: We have engaged a third-party research firm to support our consumer understanding testing programme.
4. Consumer Support: We have identified a small number of processes where we are taking the opportunity to make further enhancements to improve the support that we provide clients.
7IM Discretionary Service
1. Products and Services: We have enhanced our existing product design and lifecycle management framework to ensure that we are assessing the service against the four outcomes, as well as important considerations such as client vulnerability.
Additionally, we have provided target market information to share with you to ensure you can assess the service's suitability for your clients.
Target Market Definition for 7IM Discretionary Service
Target Market Definition for 7IM Investment Account, ISA and JISA
2. Price and Value: Based on our assessment, we have concluded that the 7IM Discretionary Service provides fair value to the target market.
3. Consumer Understanding: We have engaged a third-party research firm to support our consumer understanding testing programme.
4. Consumer Support: We have identified a small number of processes where we are taking the opportunity to make further enhancements to improve the support that we provide clients.
7IM SIPP
1. Products and Services: We have enhanced our existing product design and lifecycle management framework to ensure that we are assessing the service against the four outcomes, as well as important considerations such as client vulnerability.
Additionally, we have provided target market information to share with you to ensure you can assess the product's suitability for your clients.
Target Market Definition for 7IM SIPP
2. Price and Value: Based on our assessment, we have concluded that the 7IM SIPP provides fair value to the target market.
3. Consumer Understanding: We have engaged a third-party research firm to support our consumer understanding testing programme.
4. Consumer Support: We have identified a small number of processes where we are taking the opportunity to make further enhancements to improve the support that we provide clients.
Questions?
If you have any questions on Consumer Duty or 7IM products and services, please contact your 7IM Relationship Manager directly or call 020 7760 8777.
I confirm that I am a Financial Adviser, Solicitor or Accountant and authorised to conduct investment business.
If you do not meet this criteria then you must leave the website or select an appropriate audience.