Data and research provider Defaqto - which provides Engage Financial Planning software - has launched a pilot for new Consumer Duty Profiles for selected product providers in the personal pension, SIPP and adviser platform spaces.

The profiles are available on Defaqto Engage and Centra.

They are designed to help advisers meet regulatory requirements as part of the FCA's Consumer Duty and form part of Defaqto’s aim to help advisers make better financial decisions in an increasing regulatory environment, Defaqto said.

The profiles will run alongside the independent Consumer Duty Profiles for the top 20 most-frequently recommended discretionary MPS portfolios that Defaqto unveiled in December.

The profiles allow advisers to compare products, funds, or DFM portfolios in a peer group on the same basis using the same data.

The initial providers include Abrdn; AJ Bell; Aviva; Curtis Banks; Fidelity Adviser Solutions; LV=; Prudential; Quilter; Scottish Widows; Standard Life; Wealthtime and XPS Self Invested Pensions.

Paul Tinkler, head of insight at Defaqto, said: “The profiles will provide enhanced due diligence for an adviser, and complement the documents available from providers."

He said the profiles were structured around the four key outcomes the FCA set out in Consumer Duty rules and guidance: namely ‘products and services’, ‘price and value’, ‘consumer understanding’ and ‘consumer support’.

He added: “Where the data can be clearly compared to other propositions, we have calculated the average for numeric values, and ‘most common’ or mode for non-numeric values within Defaqto Engage. That shows whether a product is in line with its peers in the market, allowing an adviser to easily tell if a product offers fair value, complementing a provider’s own statement.” 

Defaqto is part of fintech and support services firm Fintel.