Why Consumer Duty points to the emotional value of advice

'The emotional value of advice may be imperative and transformational'

clock • 5 min read

Louis Williams returns to PA to share his insights on the emotional value of financial advice in the context of the FCA's Consumer Duty...

I'm sure the 12-month extension for implementing the new Consumer Duty has been welcomed by many. However, as the planning fallacy suggests, firms should not put plans on pause. It's well known that despite repeatedly experiencing how a task takes longer than expected to complete, we still fall into the trap of underestimating the amount of time it really takes to implement change. Regardless, monitoring and developing processes to ensure clients are put first, the underlying message of the Consumer Duty, should always be of high priority, and the FCA state that firms providing produc...

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

FCA cancels advice firm's permissions over £11,000 unpaid fees

FCA cancels advice firm's permissions over £11,000 unpaid fees

Failed to do business in a 'sound and prudent' manner

Jenna Brown
clock 21 September 2023 • 1 min read
The Financial Conduct Authority’s SDR regime was introduced in October 2022 and the UK regulator stressed that it was a labelling regime, and not a disclosure regime as its European counterpart was.

EU review of SFDR welcomed despite potential future 'frustration'

Industry-wide review of SFDR undertaken

Eve Maddock-Jones
clock 18 September 2023 • 3 min read
London Capital & Finance creditors could get back just 10%

London Capital & Finance creditors could get back just 10%

Update from administrator Evelyn Partners paints worrying picture

Hope William-Smith
clock 12 September 2023 • 1 min read