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Like all financial services firms, Quilter is required to clearly explain who our products and services are suitable for, and the value that we provide to customers.
As an adviser, it’s important that your advice and recommendations reflect this value. By choosing to recommend Quilter’s products and services, you can be confident that you are meeting your consumer duty requirements.
To help you complete your due diligence, we have produced all the governance information you’ll need about Quilter for your regulatory needs, covering both consumer duty and other regulations, such as MiFID II, that are now in the FCA’s rulebook.
1. Quilter’s platform target market and assessment of value
To help you deliver good customer outcomes, we have:
- clearly defined the target markets for our products and services, and
- assessed the value of our propositions, considering the needs of the customer groups and taking vulnerable characteristics into account.
An investment platform can be used by a wide range of customers. To ensure our propositions support our customers through their lifecycle as their needs change, we group investors into five different segments depending on their life stage, as shown in the diagram below.
To meet these needs, our products and services are designed to adapt and evolve with our customers as their circumstances change. Our range of wrappers support customers throughout their life, with the ability to combine our platform's different features and functionality in different ways to deliver value to each of our customer segments.
We also produce simple target market statements for each of our products and services.
We assess our value for customers against seven pillars, which correspond closely with the FCA’s nine areas of focus for platform suitability:
- Platform strength and service
- Wrapper range
- Cost and charges
- Fund range and asset classes
- Functionality, support and tools
- Accessibility Features
- Governance
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Our assessment has shown that Quilter’s Platform charges are justified relative to the service and benefits and provide good value for its target market, including those with characteristics of vulnerability, and that investing with our platform will meet a customer’s reasonable expectations. |
As well as being fairly priced, Quilter’s Platform offers significant features that are not always available on many competitor platforms. Many of these provide extra value for your customers, such as:
- our market leading multi-member family discount, Family Linking
- many of the best fund deals in the market with no additional transaction costs
- smart trading that reduces clients’ time out of the market.
As well as assessing the value of our Platform, we have also assessed the value of our managed portfolio service, WealthSelect, and clarified the target market. This analysis can be found in Section 3.
Quilter’s closed book review
As part of our responsibilities under Consumer Duty we have completed our closed book value assessment.
3. Investment due diligence/suitability
We offer a range of investment solutions designed to suit your clients’ needs, including:
- multi-asset investment portfolios, such as the WealthSelect managed portfolios. For your convenience, we have produced information on the target market for WealthSelect, and have assessed the value the service provides to customers.
- our platform investment range which gives your clients access to over 2,600 OEICs, unit trusts, and 800 exchange traded funds and investment trusts. Our fund centre houses all the fund information you may need on these, such as prices, fund performance, factsheets and Key Investor Information Documents (KIIDs).
Further due diligence support
4. Supporting vulnerable customers
As life changes, customers can find themselves in vulnerable circumstances – sometimes this is temporary, other times it’s part of their daily lives.
We've identified the characteristics of vulnerability that our target markets could face. We have put measures in place to ensure we support them as much as possible, so they can still make informed decisions and continue to receive good value from their investment with us.
5. Product governance
Pre-sale
For new business and top-ups, we provide a Costs and Charges Statement at the end of our existing illustrations, accessible as usual when processing an application on our platform.
For fund switches, we provide access to a range of generic Costs and Charges Statements which can be used in conjunction with detailed fund cost information, which we make available via our fund suitability tool.
Consolidating client assets onto one platform and outsourcing investment management could significantly reduce the administrative burden that regulations bring. With this in mind, we offer a range of multi-asset solutions, including the WealthSelect Managed Portfolio Service.
Post-sale
For clients investing on the platform, we meet advisers’ disclosure requirements by enclosing the annual costs and charges statement with their quarterly statement once a year. To help your clients keep track of the new documentation, we recommend registering for our online Customer Centre, where they can get regular valuations, access fund documentation, and retrieve any of their platform documents.
Consumer Duty
We're here to help you understand consumer duty and what action you need to take.