David Ogden: FCA's Consumer Duty rules and the importance of value

Good value 'particularly important'

clock • 5 min read

Consumer Duty rules are subject to considerable interpretation, which is wholly reasonable, writes David Ogden. Here he explores what advisers should concentrate on to make sure their processes are aligned with regulatory expectations

Although the full implementation of the FCA's new Consumer Duty has been delayed until July 2023, it seems clear the regulator's latest attempt to put the best interests and outcomes for customers at the heart of firms' processes keeps the subject right at the top of its priorities. Is there a reason to be confident this initiative will succeed where Principles, Treating Customers Fairly, the Responsibilities of Providers and Distributors, PROD, the Senior Managers Regime and numerous previous enforcement actions have demonstrably failed to achieve cultural change? It is hard to conclude...

To continue reading this article...

Join Professional Adviser

  • 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 Regulation

Unite sends FCA boss 'Dear CEO' letter over staff pay and morale

Unite sends FCA boss 'Dear CEO' letter over staff pay and morale

FCA disputes union's figures and says headcount is growing

Jenna Brown
clock 01 February 2023 • 2 min read
The COO was speaking in an interview on Following the Rules podcast

FCA: Consumer Duty 'very different way of doing regulation'

FCA wants Consumer Duty embeded within organisations

Kathleen Gallagher
clock 01 February 2023 • 2 min read
Cryptocurrency exchanges will be responsible for safely facilitating transitions and keeping customers' assets secure.

Treasury sets out 'ambitious' plans to regulate cryptocurrency

Treasurys says plans will create a ‘world-first regime’

Eve Maddock-Jones
clock 01 February 2023 • 2 min read