Vince Smith-Hughes looks at the regulator’s new Consumer Duty rules and how it will affect the financial advisers, who he says, will no doubt rise to the challenge
In May last year, the Financial Conduct Authority (FCA) published the first of two expected consultation papers on the new Consumer Duty (CP21/13). The paper was extremely wide-ranging and was directed pretty much at everyone in financial services. In December the FCA published the second consultation paper (CP21/36) summarising the feedback that it received in response to the first consultation paper, and setting out updated proposals on the wording of the new consumer principle together with proposed new rules and guidance. The ‘cross cutting' rules set out how firms should act to d...
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