Advice firms cannot rely on charging the lowest fees to meet fair value requirements, Financial Conduct Authority (FCA) head of department for consumer investments Kate Tuckley has warned.
Speaking at the CISI Financial Planning Conference 2025 today (3 October), Tuckley told delegates that fair value under Consumer Duty cannot be reduced to simply charging the lowest fees. She explained that too many firms risk misinterpreting the Duty by focusing narrowly on costs rather than the overall service they provide. "Our CEO Nikhil Rathi has been very clear, it is not about price, it is about value," she said. "You won't be offering fair value in our view if your customers don't understand the product you are offering. It's not a race to the bottom. What we want is that holi...
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