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...

To continue reading this article...

Join Professional Adviser for free

  • 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

Ex-Janus Henderson analyst convicted of insider trading and money laundering

Ex-Janus Henderson analyst convicted of insider trading and money laundering

FCA 'committed to fighting financial crime'

Patrick Brusnahan
clock 23 June 2025 • 1 min read
FSCS completes investigation into Kerry Nelson's Nexus IFA

FSCS completes investigation into Kerry Nelson's Nexus IFA

Lifeboat fund to assess claims as director faces fraud charges

Jen Frost
clock 19 June 2025 • 1 min read
Understanding UK money habits: FCA's 2024 Financial Lives report key takeaways

Understanding UK money habits: FCA's 2024 Financial Lives report key takeaways

'Survey highlights significant challenges in financial resilience and pension savings'

Caitlin Southall
clock 12 June 2025 • 5 min read