Open Product Summary for Consumer Duty

What does the FCA mean by open and closed products?

The Duty defines an 'open' product as new or existing products or services that are open for sale or renewal and the deadline expectations was 31 July 2023. For 'closed products' these are defined as products that are no longer marketed or distributed to retail customers, nor open to renewal. If existing customers can continue to make payments under the existing product terms, this would still be considered 'closed' if the product or service is not open to new customers. The deadline for closed products is 31 July 2024.
 

Summary

This summary includes our open products and highlights where we have made changes or will make changes for 31 July 2023.

 

Retail adviser products

Product	Manufacturer	Target Market action	Distribution Channel	Fair Value Assessment impact
Active Money Self Invested Personal  Pension	Standard Life	Updated adv18	No change	Meets the requirements
Active Money Personal Pension	Standard Life	Updated adv17	No change	Meets the requirements
International Bond (retail)	Standard Life International	Updated adv19	No change	Meets the requirements
Tailored Investment Bond	Standard Life	Updated  adv27	No change	Meets the requirements
Individual Stakeholder Pension Plan	Standard Life	Updated adv28	No change	Meets the requirements
Wrap Self Invested Pension Plan	Standard Life	Updated For queries, please contact abrdn	No change	Meets the requirements
Onshore Bond for Wrap	Standard Life	Updated For queries, please contact abrdn	No change	Meets the requirements
Wrap International Portfolio Bond	Standard Life International	Updated For queries, please contact abrdn	No change	Meets the requirements

Workplace products

Product	Manufacturer	Target Market action	Distribution Channel	Fair Value Assessment impact
Group Flexible Retirement Plan (GFRP)	Standard Life	Updated adv24	No change	Meets the requirements
Trustee Based Pension Plan  (includes  Master Trust and Individual)	Standard Life	Updated adv20	No change	Meets the requirements
Group Self Invested Personal Pension	Standard Life	Updated adv25	No change	Meets the requirements
Trustee Buyout Plan	Standard Life	Updated adv26	No change	Meets the requirements

FCA timeline

Deadline	Action	Status	Progress
31 October 2022	Manufacturers of products had to submit their compliance implementation plans to the FCA.	Our implementation plans were submitted to the FCA in line with their deadline.	Complete
30 April 2023	Manufacturers must complete ‘open’ product reviews against the new rules.	Detailed fair value and customer journey reviews have been undertaken for open products.	Complete
30 April 2023	Manufacturers must communicate the outcomes of the reviews to distributors to help them prepare for the new rules.	We have provided more details to the distributors of our open products on how we have assessed our products and any material issues arising or planned changes to allow distributors to understand the impact on their processes for the July deadline.	Complete
31 July 2023	The Consumer Duty regulations will apply to all open products and services.	We have issued a statement that we have implemented the regulations across our open products.	Complete
31 July 2024	The Consumer Duty regulations apply to all closed products and services.	Shortly after this date we will issue a statement of compliance that we have implemented the regulations across our closed products.	On track