Call for 'fiduciary duty' to replace TCF

clock •

The head of the FSA's consumer panel has said the regulator's treating customers fairly (TCF) project has failed to adequately protect consumers and called for ministers to introduce legislation requiring financial services firms to adhere to a 'fiduciary duty' to always act in the best interests of clients.

Adam Phillips told the Financial Times that the incoming Financial Conduct Authority (FCA) - one of the FSA's replacement regulatory bodies - should have the power to write rules to enforce the duty. Phillips is due to speak today during a Joint Committee hearing on the draft Financial Services Bill. He said the FSA's existing TCF principles failed to provide enough protection for consumers. He told the FT the problem was acute for customers with lower incomes who could not afford to pay for independent advice, which he said was more tightly regulated. "We should get the industr...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Treasury Committee flags potential bank tax Budget leak to FCA and Treasury

Treasury Committee flags potential bank tax Budget leak to FCA and Treasury

Dame Meg Hillier pens letter after Bloomberg article went live at 10:45am

Isabel Baxter
clock 29 October 2026 • 3 min read
FCA stands firm on not advocating for legislative change on AI

FCA stands firm on not advocating for legislative change on AI

‘That is the appropriate proportionate response’

Sophia Panayi
clock 22 October 2026 • 2 min read
FCA deputy CEO confirms simplified advice rules will  be published 'soon'

FCA deputy CEO confirms simplified advice rules will be published 'soon'

Sarah Pritchard speaks at the Investment Association Annual Dinner

Sophia Panayi
clock 22 October 2026 • 2 min read