The Consumer Duty Alliance (CDA), a not-for-profit body supporting the Consumer Duty changes, has today launched a new data forum to assess what a data-led regulator means for advisory firms.

The CDA says the new forum will, "address key challenges across data identification, access, monitoring and reporting."

The FCA has said publicly that in future it will be a 'data-led' regulator and will focus on collecting and reviewing data from regulated firms to support its regulatory mission.

The Consumer Duty Data Forum will be chaired by Chris Davies, CEO of regtech Model Office, and is formed of Alliance members with an interest in fintech and gaining insight into the FCA’s data requirements.

The Consumer Duty Alliance was launched by CEO Keith Richards, former CEO of the Personal Finance Society.

Mr Richards said: “The fact we now have a self-professed data-led regulator in the FCA, means retail advice firms face significant challenges to modify existing tech, and in understanding and applying relevant new tech to meeting evolving requirements.

By bringing together participants from across the retail financial services sector, the new Consumer Duty Data Forum aims to be a two-way conduit - helping firms understand and effectively respond to the FCA’s data requests, but also to provide feedback from the profession into the regulator, that may lead to more streamlined and proportionate reporting requirements in the future.”

Chair of the Consumer Duty Data Forum Chris Davies said: “The new Consumer Duty Data Forum is designed to support advice firms’ capability for data collection, monitoring and reporting journeys; by understanding the real challenges these firms face.

"Given the regulator is increasing its data information requests, we want to support firms’ understanding for the reasons behind such data requests and arm them with practical data processing and reporting strategies that can help them evidence ongoing client good outcomes and professional practice."

• The new New Talent Alliance, part of the Consumer Duty Alliance, has also launched a revised Level 4 Apprenticeship Standard in Financial Planning and Paraplanning. This replaces the separate Financial Adviser and Paraplanner apprenticeships in England. The standard introduces a new core and options structure which acknowledges that while Financial Planners and Paraplanners share a substantial cross-section of competencies, there are critical differences between the two roles. The structure was developed through consultation with employers, training providers, professional bodies and regulators.

Key Features of the Revised Standard including an Increased Funding Band (The new standard is set at £13,000, a rise from the previous £9,000 band for each of the old standards, reflecting expanded and updated content), updated KSBs (knowledge, skills and behaviours (KSBs), and new professional pathways.

All apprentices will now complete a Level 4 Diploma through one of three approved professional bodies: Chartered Insurance Institute (CII) – Diploma in Regulated Financial Planning (DipPFS), London Institute of Banking & Finance (LIBF) – Diploma for Financial Advisers (DipFA) and Chartered Institute for Securities & Investment (CISI) – Diploma in Financial Planning.

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