William Marshall looks at the potential for a Consumer Duty identity crisis for advice firms - could they actually be operating as manufacturers?
The Consumer Duty (the Duty), with its overarching principle, "A firm must act to deliver good outcomes for retail customers", is set to become one of the most significant regulations for the financial services sector in recent years. Its intended impact - to improve consumer outcomes and encourage fairness - seems to have influenced the way the final guidance has been written. There is room for interpretation from both a firm's perspective and also the regulator's point of view, when it comes to what good looks like. So, with this in mind, what should advisers think about when assess...
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