Advisers have been urged to consider Consumer Duty as a “journey” as there is “an awful lot left to do”, according to financial services consultant Sarah Thwaites.
Speaking to delegates at Personal Investment Management & Financial Advice Association's (PIMFA) Compliance Conference 2023, Thwaites said the industry was "not there yet" with Consumer Duty. She warned advisers that as they continue to collect data without any "shift in culture" then this could cause problems for firms. "The Financial Conduct Authority (FCA) is trying to change the landscape, so data is going to be key," she told delegates at the PIMFA event. "I have seen an element of complacency in some firms. The regulator is going to ask them, ‘What have you done?' ‘What has chan...
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