Advisers told 'show your workings' in first Consumer Duty report

Consumer Duty was not a 'once and done' scenario

Jenna Brown
clock • 3 min read

Advisory businesses must clearly evidence how their charging structures adhere to the price and value element of Consumer Duty and include that reasoning in their first annual report due on 31 July, delegates heard.

Speaking at the Professional Adviser Management Retreat today (15 May), Sesame Bankhall general counsel and chief risk officer Sarah Batham said the Financial Conduct Authority (FCA) was now asking firms to prove they were delivering on the thrust of Consumer Duty – delivering good consumer outcomes. She said Consumer Duty was not a "once and done" scenario for advisory firms and they needed to continuously improve to deliver good outcomes. "The regulator expects this to be part and parcel of your firm's culture. "It is not just a compliance thing. It is very much about making sure...

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