FCA's Mills on adviser Consumer Duty requirements: 'Assessment is needed of that fair value exchange'

Value to customers

clock • 3 min read
FCA's Mills on adviser Consumer Duty requirements: 'Assessment is needed of that fair value exchange'

Sheldon Mills, executive director of consumers and competition at the Financial Conduct Authority (FCA), has said advisers will need to assess the costs of providing a service over time and the value of that proposition to customers under new Consumer Duty rules.

Consumer Duty, which will come into force on 31 July 2023 for advisers, aims to improve how firms serve retail customers by requiring them to deliver "good outcomes". It will mean that consumers...

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