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 should receive communications they can understand, products and services that meet their needs and offer fair value, and they get the customer support they need, when they need it, according to the FCA. When asked how the rules will measure value for money and how the time-cost of the adviser will get factored into this assessment, the FCA's Mills said: "What those advisers will need to do ...
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