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

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 ...