Consumer Duty

We understand that the FCA’s Consumer Duty is a priority across our industry. At HUB Financial Solutions, it’s a priority for us too.

So that we continue to deliver good customer outcomes, we have scrutinised the four outcomes:

• Products & services: make sure that the design of our propositions and services continue to meet the needs, characteristics and objectives of our target markets.
• Price & value: make sure that that our propositions and services provide fair value.
• Consumer understanding: make sure that all our communications are clear and understood.
• Consumer support: make sure that our customers are supported in ways that meet their needs and help them to realise the benefits of the products and services they have bought from us.

IMPORTANT INFORMATION

Target Market Statements and Fair Value Assessments
The documents for each of our services below include the following information:

Target Market Statements
A clear set of benefits aimed at a clear target market. We include customer research, both direct and desktop based, in our proposition design procedure to ensure we are developing propositions to meet demonstrated customer needs.  

Fair Value Assessments Statements
We monitor Fair Value as part of our proposition lifecycle management processes. Fair value assessments are undertaken at least annually* to ensure that our services perform as expected and remain fair value. 

• Destination Retirement – hybrid digital restricted financial planning advice.
• Traditional Financial Planning & Ongoing Financial Planning service and Defined Benefit Advice service – restricted retirement income advice.
• Later Life Lending Advice service - advice for people seeking to use the equity in their home.
• Guaranteed Income for Life shopping around service – non-advised /guided annuity comparison service.
• Self-Select Pension Access Service – non-advised pension draw down service.

CUSTOMERS WITH CHARACTERISTICS OF VULNERABIITY

We’ve taken vulnerable consumers into account at all stages of our proposition design process, including idea generation, development, testing and launch.  As part of the continuous development of services we review our approach to ensure we continue to deliver good customer outcomes.

Some customer groups are more likely to display characteristics of vulnerability than others and may display more than one characteristic.

Due to the age profile and nature of our services, our customers are more likely to experience characteristics of vulnerability.

To provide good outcomes to all our customers, we’re committed to:

• Educating and training for colleagues, ensuring they have the appropriate skills and experience to recognise and respond to the needs of vulnerable customers.
• Providing appropriate customer service and communications.
• Adapting our policies and procedures, where appropriate, to support specific customer needs.
• Monitoring and evaluating relevant management information to support the identification of practical action and/or innovation that supports the delivery of good outcomes for our customers.

PROPOSTION OVERSIGHT AND GOVERNANCE

We have a proposition oversight and governance framework in place to oversee how we design, monitor and review our propositions. These robust processes make sure our propositions are fit for purpose, designed to meet the needs of our intended target markets, offer fair value and deliver good customer outcomes.

* Fair value assessments have been undertaken where HUB Financial Solutions charge a fee for its services. For those services where HUB Financial Solutions do not levy a fee or charge, then HUB Financial Solutions have relied on the product manufacturers own fair value assessment.