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 |
No change | Meets the requirements |
Active Money Personal Pension | Standard Life |
Updated |
No change | Meets the requirements |
International Bond (retail) | Standard Life International |
Updated |
No change | Meets the requirements |
Tailored Investment Bond | Standard Life |
Updated |
No change | Meets the requirements |
Individual Stakeholder Pension Plan | Standard Life |
Updated |
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 |
No change | Meets the requirements |
Trustee Based Pension Plan (includes Master Trust and Individual) |
Standard Life |
Updated |
No change | Meets the requirements |
Group Self Invested Personal Pension |
Standard Life |
Updated |
No change | Meets the requirements |
Trustee Buyout Plan | Standard Life |
Updated |
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 |
Useful links
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Act in good faith
Explore the first of the three cross-cutting rules that define the standards of outcomes we align to
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Outcome 1: Products and Service
Explore the first of the four outcomes of the Duty that we have worked through in relation to our open products to establish the changes or enhancements needed
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Outcome 1: Products and Service
Explore the first of the four outcomes of the Duty that we have worked through in relation to our open products to establish the changes or enhancements needed
This website is for financial advisers only and must not be relied on by anyone else. If you’re not an adviser, please go to our customer website for more information about our products and services.