Discretionary fund manager Copia Capital Management has launched a free online Consumer Duty Toolkit for adviser firms.

The aim is to help advice firms comply with the new legislation and implement it in the "most effective manner possible", the company said.

The pack includes written guides, videos, templates and webinars, with additional material being added as the FCA's new Consumer Duty implementation near in July.

It can be accessed at https://www.copia-capital.co.uk/consumer-duty-toolkit/. 

The toolkit has been developed in conjunction with financial services consultancy the lang cat.  

Robert Vaudry, Copia managing director, said: “Increasingly the conversations we are having with advisers are steering towards one topic – Consumer Duty. While many well-run firms will already be some way towards fulfilling the requirements of the legislation, the new rules add extra responsibilities, particularly when it comes to portfolio management activities.

“Our 2022 adviser research showed that CIPs are already creating an admin headache for firms, particularly when it comes to the ongoing management of model portfolios. So much so that the majority of firms are concerned their CIP will soon reach a tipping point where they become unworkable. We believe Consumer Duty creates further pressure on portfolio management and is likely to be another nail in the coffin for firms running portfolios in-house.”

He added that firms need to have the necessary resources in place to ‘avoid foreseeable harm’ by identifying the most suitable solutions to meet clients’ objectives while taking a consistent approach to risk.