Will Consumer Duty create greater provider/adviser tensions and can technology help the two parties work better together? Adrian Boulding explores the issues...
The new obligations, which the Financial Conduct Authority (FCA) details in its July 2022-published Policy Statement (PS22/9) entitled ‘A new Consumer Duty', demand much more of providers and platforms in terms of getting to know their customers and serving them better from 31 July 2023. The implication is that they will only be able to ‘up their game' for customers by accumulating and acting on greater knowledge of their financial situation, retirement ambitions, risks and vulnerabilities, than they have access to today. However, by placing these new obligations on providers, platfor...
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