Disproportionate burden: Consumer Duty and smaller advice firms

Vast majority of the industry to come under the microscope

clock • 4 min read

Steve Owen asks if Consumer Duty compliance is placing a disproportionate burden on smaller firms...

The Financial Conduct Authority (FCA) has recently published its review of how larger firms are progressing with their Consumer Duty implementation plans. It will shortly be the turn of smaller firms, which form the vast majority of the industry, to come under the microscope. Collecting new data and mining what it already collects, the regulator will be measuring just how seriously smaller firms are taking the new Duty, and finding out what particular issues they have to face. Will smaller firms have to work harder to implement the rules, or is everything fine? A recent exit poll from...

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 Consumer Duty

Consumer Duty leading to advice firms reviewing client banks

Consumer Duty leading to advice firms reviewing client banks

Advice firms are ‘offboarding’ clients that they cannot service profitably

Isabel Baxter
clock 06 June 2024 • 1 min read
Advisers warned not to view Consumer Duty as an 'external imposition'

Advisers warned not to view Consumer Duty as an 'external imposition'

‘Understanding clients should be natural to any client-focused adviser’

Sahar Nazir
clock 05 June 2024 • 2 min read
Advisers fear Consumer Duty report deadline due to lack of evidence

Advisers fear Consumer Duty report deadline due to lack of evidence

One in twelve advisers fear that they will not meet 31 July deadline

Isabel Baxter
clock 30 May 2024 • 1 min read