Compliance specialist warns firms not to ignore FCA priorities  

Non-compliance to Consumer Duty is ‘not an option’ for advice businesses

Julia Bahr
clock • 2 min read

The Financial Conduct Authority (FCA) is taking a hard line on Consumer Duty with the flurry of ‘Dear CEO’ letters it is issuing, according to compliance specialists B-Compliant.

Last week, the regulator wrote to financial advisers to highlight the focus it is placing on consumer protection and the standards of care firms give customers. This ‘Implementing the Consumer Duty' letter followed correspondence in December that summarised its priorities for the sector, particularly in relation to the recently announced thematic review of pension advice, defined benefit redress and wind down planning. B-Compliant director Vicky Pearce said: "We are seeing a number of these letters being issued to firms. While they contain nothing new, they demonstrate just how signif...

To continue reading this article...

Join Professional Adviser

  • 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

Advice firm Holborn Assets under FSCS investigation

Advice firm Holborn Assets under FSCS investigation

Advisory firm went into administration in October this year

Jenna Brown
clock 06 December 2023 • 1 min read
FOS to cut case fee costs and levy bill by £60m next year

FOS to cut case fee costs and levy bill by £60m next year

Latest plan and budget published by financial complaints body

Jenna Brown
clock 06 December 2023 • 3 min read
Chris Davies is founder and director at Model Office

'Targeted, intrusive and assertive': The FCA's new pro-active approach

Latest Dear CEO letter from regulator speaks volumes

Chris Davies
clock 04 December 2023 • 4 min read