David Tiller: Consumer Duty evidencing foreseeable harm 'a challenge' for platform tech upgrades

Cross-cutting rule

clock • 4 min read

Consumer Duty has raised the bar by introducing the anticipatory element of foreseeable harm, writes David Tiller. It has also re-emphasised the need to manage conflicts and put client interests first...

After going on record with my view that the long-awaited Consumer Duty final rules "will sort the wheat from the chaff", several advisers reached out to me and, paraphrasing, said, "great, more work for us - it's not as if any of you providers ever admit to your failings - it's just not that easy". And they have a fair point. Try to find an equity manager that says their market is not primed for growth and you will be looking for a long time. Check box databases of platform functionality suggest every platform can do everything, but advisers know better. In fact, getting to the true p...

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