How is Aviva approaching the Consumer Duty?

How is Aviva approaching the Consumer Duty?

Hi. I’m Alistair McQueen at Aviva.

In this video I will look at how Aviva is approaching the Consumer Duty, with a spirit of compliance and competition.

In terms of complying with the Consumer Duty, every business is different. And it will be for each of us to decide how we respond. To be blunt, there is no “cut-out-and-keep”, one-size-fits-all standard response to the Consumer Duty. And response is not an action we can outsource to another.

Inside Aviva, a significant volume of activity is underway, with a focus on both compliance and competition.

To ensure our compliance, we have completed a gap-analysis to show how our current practices compare against the expectations of the Consumer Duty.

This analysis then led to the agreement of our implementation plan, in advance of the 31 October 2022 deadline.

And now, we are deeply focused on ensuring our compliance, by the noted deadlines, across the literally hundreds of open and closed products that we serve.

We are, however, keen to ensure that our response is not only one of compliance. We also see this big change as one of opportunity,  seeing this as a big change, and a change that brings opportunity – with a spirit of competition.

The winners will be the businesses that best respond to the expectations of the Duty, and best work with others in the distribution chain, including yourselves, to ensure all can rise to the challenge. Aviva wants to be one of the winners. I’m sure you do to.

To this end, we are listening to you, our adviser partners, and we are working closely with our fund providers.

More than ever, we are “all in this together”. Our response to the Consumer Duty will be as strong as its weakest link. And Aviva wants to play its part in ensuring we are all strong from beginning to end.

More details of Aviva’s actions in response to the Consumer Duty will follow over time.