Consumer Duty: Will it 'fix' financial services once and for all?

'Consumer Duty may not the cure-all that FCA would like to see'

clock • 4 min read

Compliance consultant Tony Catt shares his views on Consumer Duty implementation and asks if this set of rules will, once and for all, improve consumer outcomes...

There have been many inches devoted to Consumer Duty. The Financial Conduct Authority's (FCA) latest iteration, which has been described as "Treating Customers Fairly on steroids", is the most recent attempt to get financial advisers to take care of clients and give them services and products that will end with a decent outcome for customers. Surely all advisers have this as the primary consideration, but it still seems not to be the case. The advisers that I work with have had this culture, but on the occasions that this has not been the case, I have refused to continue to work with ...

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

Why wealth is not an insulator against vulnerability

Why wealth is not an insulator against vulnerability

'Time and again, we have seen that self-identification simply doesn't work'

Jonathan Barrett
clock 21 February 2024 • 4 min read
Squaring the circle: How big is the reverse advice gap?

Squaring the circle: How big is the reverse advice gap?

FCA must not throw the baby out with the bathwater

Justin Cash
clock 16 February 2024 • 5 min read
Firms' indirect client vulnerability checks risk 'scaring' clients

Firms' indirect client vulnerability checks risk 'scaring' clients

MorganAsh warns on vulnerability checks ‘through the backdoor’

Jenna Brown
clock 14 February 2024 • 2 min read