Kevin Okell: Financial services or social services?

'FCA will have to acknowledge tension'

clock • 3 min read

Imagine walking into a Ford dealership, sitting in a few cars, struggling to get comfortable in the seats and being directed by the salesperson to the Volvo dealership down the road on account of their superior lumbar support, writes Kevin Okell, pointing out it is not a very realistic scenario. Yet this is what he believes the FCA is essentially asking some providers to do …

In the blue corner we have the champions of consumer protection. From the original Treating Customers Fairly (TCF) principles to the 2018 discussion paper on a Duty of Care and now the latest guidance consultation on vulnerable customers, the FCA is taking a growing interest in how best to deliver on its obligation to protect consumers. In a further litmus test of regulatory attention, the level of fines related to treatment of customers has also been on the rise, with more than half of the value of 2018 fines citing unfair treatment of customers in the judgement. In the red corner are t...

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

Updated: Failed financial advice firms tracker

Updated: Failed financial advice firms tracker

Firms that the FSCS has confirmed as failed since the start of 2023

Professional Adviser
clock 21 October 2025 • 1 min read
Regulatory pressure continues to 'weigh' on advisers

Regulatory pressure continues to 'weigh' on advisers

Consumer Duty and FCA reporting cited as biggest regulatory demands

Jenna Brown
clock 20 October 2025 • 1 min read
FCA probe firm refused planning permission after promising investors 8% returns from Essex development

FCA probe firm refused planning permission after promising investors 8% returns from Essex development

One of a string of ‘fixed rate return’ investments offered by Moneda Capital

Jen Frost
clock 17 October 2025 • 5 min read