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

Useful links

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.