Another level: Why Consumer Duty puts TCF in the shade

A preventative approach to consumer protection is the importance nuance

clock • 4 min read

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...

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 sparks Money Alive 'record usage' by advisers

Consumer Duty sparks Money Alive 'record usage' by advisers

Highest usage ever in February as Consumer Duty becomes new normal

Jenna Brown
clock 27 March 2024 • 1 min read
Assessing business relief opportunities in light of Consumer Duty

Assessing business relief opportunities in light of Consumer Duty

Advisers might need to consider different solutions

Rebecca Hodges
clock 14 March 2024 • 3 min read
Will Consumer Duty spur shift to direct authorisation?

Will Consumer Duty spur shift to direct authorisation?

This is a step change but, what if you're not in control?

David Ryder
clock 13 March 2024 • 5 min read