FCA's Consumer Duty to turn platforms into gatekeepers over value for money assessments

Requirement to ‘switch off’ funds

Valeria Martinez
clock • 2 min read

Investment platforms will be required to ‘switch off’ funds which have been assessed as not representing value for money under the FCA’s new Consumer Duty rules.

The regulator published the final guidance on its new Consumer Duty rules today (27 July), which the regulator said will lead to a "major shift in financial services". These new rules will improve how firms serve consumers by requiring them to act to deliver better outcomes. They will be effective from 31 July 2023 for new and existing products and services currently on sale. Part of this new framework will see platforms turn into gatekeepers on value for money reports. The new rules will require platforms to take appropriate action when funds or other financial products present poor ...

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

FCA revokes passported Irish firm's temporary permissions

FCA revokes passported Irish firm's temporary permissions

Wellington Court Financial Services cannot carry out regulated activity

Isabel Baxter
clock 09 October 2023 • 1 min read
FCA cancels permissions of Hove firm Albany Financial Consultants

FCA cancels permissions of Hove firm Albany Financial Consultants

Cancellation of Part 4A permissions enacted with immediate affect

Hope William-Smith
clock 01 September 2023 • 1 min read
FCA blocks thousands of misleading ads in 2022, up 14x from 2021

FCA blocks thousands of misleading ads in 2022, up 14x from 2021

‘Financial promotions must be fair, clear and not misleading’

Ayesha Venkataraman
clock 03 February 2023 • 3 min read