Bankhall is urging firms to identify and review emerging risks within their business in light of the Financial Conduct Authority's (FCA) increasing focus on retail conduct risk - and has launched a tool for advisers to help them.
Conduct risk is viewed by the FCA as any current and emerging risks to consumers as a result of a firm's behaviour. There are strong links to treating customers fairly (TCF), as both are focused on customer outcomes. However TCF tends to focus on risks that have been realised - where consumer detriment was already happening. With retail conduct risk there is a greater emphasis on identifying potential risks that have not yet resulted in poor outcomes, but could do so in the future. Bankhall's retail conduct risk assessment tool has been designed to help firms identify the main c...
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