Due diligence tool DD|hub has launched a new upgraded system to help advisers streamline the due diligence process and identify foreseeable harms that could affect clients when using providers.
The DD|hub system is home to a huge library of due diligence questions, with responses from leading providers, allowing advisers to access information they need to assess providers in line with the imminent Consumer Duty.
Advisers can score the responses by what’s important to their firms and their clients. DD|hub said the new system simplifies research and gives new due diligence tools to help advisers evidence their work and monitor providers on an ongoing basis.
Chris Jones, director of DD|hub said: “The new DD|hub system provides advisers with the tools and information they need to meet the FCA’s due diligence expectations. There’s lots of good research systems out there but no others carry the depth of due diligence data the FCA expect advisers to look at.
“TR14/5 said that due diligence is a second, detailed stage after research has narrowed the range of products to be considered. It requires a deep dive into the provider, asking the question, “is it appropriate to entrust this provider with client assets?” The foreseeable harms rule adds further weight to this as advisers have to consider the risks a provider might pose to their clients. DD|hub’s free tools help advisers with all this.”
Kim Bendall, director of Go Paraplanning, commented: “DD|hub is, by a long way, the simplest and most efficient way of researching investment solutions. We use this software regularly to undertake the level of due diligence required to demonstrate that we really understand the nuts and bolts of the providers’ business models and the risks and benefits to the clients that use them.”
