MPs back calls for 'fiduciary duty' on all firms

clock

A group of MPs have backed calls by the Financial Services Consumer Panel (FSCP) for firms to sign up to a 'fiduciary duty' under the new regulatory system.

The Financial Services Bill is currently in its committee stages, with MPs scrutinising the objectives of the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA), the successors to the Financial Services Authority. Calling for "genuine consumer protection" last year, the FSCP suggested an amendment to the Bill, saying "authorised persons should have a fiduciary duty towards the consumers who are their clients". The amendment has now been proposed by one Social Democratic and Labour Party MP and two Labour MPs, including shadow financial secretary to the Treasur...

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

Professional Adviser TV: Remaining client centric in a time of increased regulation and digital demands

Professional Adviser TV: Remaining client centric in a time of increased regulation and digital demands

Kevin Bailey and James Sullivan also unpack what value looks like

Professional Adviser
clock 04 July 2025 • 1 min read
Targeted support: FCA shuns 'overly prescriptive' approach to vulnerability

Targeted support: FCA shuns 'overly prescriptive' approach to vulnerability

Considered prescribing how firms should support ‘vulnerable consumers’

Isabel Baxter
clock 30 June 2025 • 2 min read
Targeted support: 38,000 current advice users expected to switch

Targeted support: 38,000 current advice users expected to switch

Firms could generate up to £499 in revenue per customer

Isabel Baxter
clock 30 June 2025 • 4 min read