Displaying items by tag: Consumer Duty

In his latest column for SIPPs Professional, SSAS and SIPP expert Martin Tilley, a director at WBR Group, looks at trustee issues.

SIPP industry veteran John Moret has warned the sector that it must grasp the potential impact for SIPP providers of the new Consumer Duty requirements.

All FCA-regulated firms should, by now, have put in place their implementation plans for meeting the Consumer Duty requirements by 31 July 2023 (a later date applies for legacy products).

At 7am this morning the Financial Conduct Authority published its long-awaited policy statement and final guidance for its new Consumer Duty requirements.

A fifth (19%) of financial advisers admit they have not heard of the FCA’s new Consumer Duty and have not considered changes they may need to make.

The FCA is to consult on introducing a sweeping new Consumer Duty which will require firms to do more to protect consumers from harm and bad financial decisions.

Industry veteran John Moret has called on the Financial Conduct Authority (FCA) to offer greater clarity on measurement mechanisms to aid customer care performance monitoring and benchmarking.

The FCA is to consult on plans for a new ‘Consumer Duty’ for regulated firms which will set a "higher level" of protection for consumers buying retail finance products and services.