What might have worked under TCF will not cut it with Consumer Duty and advisers must be cognisant of this, writes Michelle Andrews
Consumer Duty is the biggest talking point in terms of regulatory change since the Retail Distribution Review in 2013. Views on how drastic these changes are likely to be, and their perceived effect on how advisers will need to change business practices varies from adviser to adviser, however, in only a matter of months, the magnitude of it will become a reality for us all. And regardless of the size or shape of a firm, changes will be needed. One area of confusion is how the new Consumer Duty regulation differs from the Treating Customer's Fairly (TCF) principles that were implemente...
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