The new profiles are designed to help advisers meet their regulatory needs to comply with the FCA's new Consumer Duty requirements.

The profiles are now available on Defaqto Engage - Defaqto’s Financial Planning system - and Centra, software used by over 30% of UK financial advisers, according to Defaqto.

The Consumer Duty Profiles form part of Defaqto’s aim to help advisers make better financial decisions and keep up with regulatory change.

The initial 20 discretionary MPS portfolio reports cover several leading MPS providers such as Brooks Macdonald, Quilter, RBC Brewin Dolphin, Tatton, Timeline, and Waverton. The reports provide independent and unbiased profiling of these providers’ propositions, Defaqto says.

The Consumer Duty Profiles enable advisers to compare products, funds, or DFM portfolios in a peer group on the same basis using the same data.

Using the documents, advisers will be able to report on the target market of the product in question and understand who is not the target market. Defaqto says the profiles will also make understanding whether a product offers fair value, or assessment of the value of a fund/DFM portfolio, easier.

Andy Parsons, insight manager (funds & DFM) at Defaqto, said: “These profiles will provide enhanced due diligence for an adviser and complement the documents available from asset managers.”

Each Consumer Duty Profiles is a 2-page document structured around the four key outcomes the FCA set out in the rules and guidance: namely ‘products and services’, ‘price and value’, ‘consumer understanding’ and ‘consumer support’.

Defaqto is part of Fintel.