The Financial Conduct Authority (FCA) has unveiled its final Consumer Duty rules today (27 July), which, it said, will require firms to put their customers' needs at the heart of what they do.
According to the regulator, its new plans will lead to a major shift in financial services, fundamentally improving the relationship between businesses and consumers. What does the regulator's policy mean for advisers? PA spoke to financial planners about their views on the new rules and their potential impact. Carl Lamb, executive director at Smith & Pinching, said the FCA's new Consumer Duty will reinforce the importance of having regular contact with clients. "They will make you more responsible for the advice that you are giving. Winner is the client." He added: "For some a...
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