Be proactive through product life cycle, FCA warns advisers

Guidance on closed-book customers

Victoria McKeever
clock • 2 min read

Advisory firms must be proactive with clients throughout the life cycle of a product, the Financial Conduct Authority (FCA) has warned in its finalised guidance for the fair treatment of closed-book customers.

The finalised guidance, published today, provides firms with detailed information on the actions they should be taking to treat their closed-book customers fairly. The FCA emphasised it was not introducing new rules but expected the guidance would "help firms know what we expect of them to ensure their customers are treated fairly going forwards". The regulator added it wanted to ensure closed-book customers - those with life insurance products that are closed to new business - are treated fairly and do not receive less attention than customers who have recently taken out a new produc...

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 Regulation

No naming without shaming? The FCA's transparency plans

No naming without shaming? The FCA's transparency plans

The impact of the FCA’s plans to name firms under investigation

Chris Croft
clock 27 March 2024 • 4 min read
FSCS declares three financial advisory firms in default

FSCS declares three financial advisory firms in default

Latest batch of failed firms revealed by lifeboat fund

Jenna Brown
clock 25 March 2024 • 1 min read
FCA commits to fast authorisations to boost finance sector

FCA commits to fast authorisations to boost finance sector

The regulator’s latest business plan highlights this focus

Sahar Nazir
clock 19 March 2024 • 1 min read