Consumer Duty is a “watershed moment” for firms that must be taken extremely seriously, delegates heard at the Personal Investment & Financial Advice Association’s (PIMFA) Consumer Duty conference.
At the conference, held today (31 January), the Financial Conduct Authority (FCA) director of consumer investments Therese Chambers said that the regulator was looking for a more substantive approach from firms as they evidence and document their work for consumers. "The Consumer Duty is a watershed moment and a key priority for the FCA, we are looking for a fundamental change in firms' approaches to ensure the best client outcomes, not just technical compliance," said Chambers. Firms were warned they should not consider Consumer Duty to be a "re-expression of Treating Customers Fairl...
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