Consumer Duty at Quorum Capital.
How we meet our obligations under the FCA's Consumer Duty rules - and what that means for advisers and their clients.
What is the Consumer Duty?
The FCA Consumer Duty (PS22/9) came into force on 31 July 2023 for open products and services. It sets a higher standard of consumer protection across financial services, requiring firms to act to deliver good outcomes for retail customers.
The Duty is built around a single consumer principle: firms must act to deliver good outcomes for retail customers. This is supported by three cross-cutting rules and four outcome areas.
The four outcome areas.
- Products and services — Designed to meet the needs of an identified target market, and only distributed through appropriate channels.
- Price and value — The price a customer pays must be reasonable relative to the overall benefits of the product or service.
- Consumer understanding — Communications must be clear, fair and not misleading, and support customers in making informed decisions.
- Consumer support — Customers must be able to get the support they need, when they need it, throughout the product lifetime.
Who does it apply to?
Consumer Duty applies to all firms in the distribution chain — including discretionary fund managers like Quorum Capital — where the end consumer is a retail client. As a DFM operating model portfolios accessed through financial advisers on regulated platforms, we sit within that chain and have obligations accordingly.
Quorum Capital's obligations.
As a manufacturer of investment products (our ten model portfolios), Quorum Capital is required to:
- Define a clear target market for each portfolio
- Carry out a fair value assessment for each portfolio, comparing price paid against benefits received
- Publish and maintain a Consumer Duty target market statement and value assessment for each portfolio
- Share relevant Consumer Duty information with distributors (your adviser firm) to support their own obligations
- Monitor outcomes and review the assessments annually or following material changes
Consumer Duty: key dates
| Rule published | 31 July 2022 |
| Open products in force | 31 July 2023 |
| Closed products in force | 31 July 2024 |
| Quorum portfolios | All 10 in scope |
| Annual review cycle | July each year |
| FCA reference | PS22/9 |
Request our Consumer Duty pack for your compliance files.
Consumer Duty, fair value and target market information is available to FCA-authorised adviser firms on request.
Request the adviser due diligence pack →How we approach Consumer Duty.
Four practical commitments that underpin our compliance with the Duty.
Clear target markets
Each of our ten portfolios has a documented target market statement defining the client type, risk profile, investment objective, and distribution conditions for which the portfolio is designed.
Annual value assessments
We publish a fair value assessment for each portfolio range, comparing our OCF and AMC against the quality and consistency of investment outcomes delivered. Updated annually and following material changes.
Transparent documentation
Target market statements, costs and charges disclosures, and value assessments form part of our adviser due diligence pack, which is available to FCA-authorised adviser firms on request.
Ongoing monitoring
We monitor portfolio outcomes continuously — tracking whether each portfolio is meeting its stated investment objective for its target market — and report findings to the Investment Committee quarterly.
Per-portfolio Consumer Duty documents.
Each portfolio has its own target market statement and costs & charges disclosure. Costs & charges disclosures are shown on the individual portfolio pages; target market statements are available to FCA-authorised adviser firms on request.
Core Range (5 portfolios)
RG2, RG3, RG4, RG5 and RG3 Ethical. Actively managed multi-asset portfolios. Target market: advised retail clients seeking long-term capital growth.
View Core Range →Passive Range (3 portfolios)
Cautious, Balanced, Growth. Index-tracking portfolios at OCF 0.06–0.08%. Target market: cost-conscious advised retail clients seeking index returns.
View Passive Range →Income Range (2 portfolios)
Income & Growth and Ethical Income. Both at RG3. Target market: advised retail clients seeking regular income with capital preservation.
View Income Range →Information for adviser firms.
As a manufacturer in your distribution chain, we provide everything you need to meet your own Consumer Duty obligations. Adviser due diligence materials are available to FCA-authorised adviser firms on request.
| Document | What it covers | How to obtain it |
|---|---|---|
| Target market statement | Defines the intended client type, risk profile, and distribution conditions for each portfolio | Available to FCA-authorised adviser firms on request |
| Fair value assessment | Compares price against benefits; confirms the portfolios represent fair value for the target market | Available to FCA-authorised adviser firms on request |
| Costs & charges disclosure | MiFID II / PRIIPs-compliant costs disclosure per portfolio, including OCF, AMC and transaction costs | Individual portfolio pages |
| Consumer Duty assessment — Core Range | Full Consumer Duty product assessment for all five Core portfolios | Available to FCA-authorised adviser firms on request |
| Consumer Duty assessment — Passive Range | Full Consumer Duty product assessment for all three Passive portfolios | Available to FCA-authorised adviser firms on request |
| Consumer Duty assessment — Income Range | Full Consumer Duty product assessment for both Income portfolios | Available to FCA-authorised adviser firms on request |
To request the adviser due diligence pack, contact generalenquiries@quorumcapital.co.uk.
Related resources.
Resources & Due Diligence Hub
Factsheets and regulatory disclosures. Consumer Duty and due diligence materials are available to adviser firms on request.
Our investment approach
How the Investment Committee constructs and monitors portfolios — open architecture, no fund affiliations.
Fees & charges
Transparent pricing across all three ranges. OCF, AMC, and platform costs explained.
Need our Consumer Duty pack?
Target market statements, value assessments and costs & charges disclosures are available to FCA-authorised adviser firms on request. Contact us to request the adviser due diligence pack.