FCA on Consumer Duty: 'There are areas where firms could do better'

Many fair value assessments found to not be relying on solid data

Isabel Baxter
clock • 3 min read

There are still areas of Consumer Duty where firms could do better, according to Financial Conduct Authority (FCA) executive director of consumers and competition Sheldon Mills. In a recent speech, Mills reflected the progress of the Consumer Duty regulation as it has now been just over half a year since it came into effect for advisers. He said that the most challenging outcome of the Duty for firms to meet is that of fair price and value. Mills did note that, positively, 37% of advice firms have reviewed or changed their fees structure since the Consumer Duty was introduced. "...

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