FCA quizzes 20 advice firms on Consumer Duty compliance

FCA asks firms about ongoing services in response to Consumer Duty

Sahar Nazir
clock • 1 min read

The Financial Conduct Authority (FCA) has today (15 February) written to 20 of the UK’s largest advice firms to request information on their ongoing advice service in line with the Consumer Duty.

The watchdog has asked for data on the number of clients due a review of the ongoing suitability of the advice as part of the service, how many received that review, and how many paid for ongoing advice "but whose fee was refunded as the suitability review did not happen". The FCA's survey also asks advice firms how they are assessing their ongoing advice service and whether they have made any changes since the Consumer Duty regulation was implemented last year. "The FCA is collecting this information to assess what, if any, further regulatory work it may undertake in this area. The F...

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 Your profession

'Don't think of consolidation as the end of independent advice. It isn't'

'Don't think of consolidation as the end of independent advice. It isn't'

Continuity before everything else

Tom Rowe-Jones
clock 02 September 2026 • 5 min read
SENDA calls on profession to share how it supports families with disabilities

SENDA calls on profession to share how it supports families with disabilities

Part of white paper launching in November

Isabel Baxter
clock 02 September 2026 • 2 min read
Plannex memberships boosted by 'out of the blue' Reddit influx

Plannex memberships boosted by 'out of the blue' Reddit influx

Without spending a penny on the social media platform

Isabel Baxter
clock 01 September 2026 • 5 min read