Consumer Duty: Action points and pension questions

Consumer Duty may override 'confines of contractual relationship'

clock • 7 min read

Melville Rodrigues summarises the "considerable" action items for managers arising from Consumer Duty implementation and asks questions on the status of certain pension arrangements

Boards or equivalent management bodies of UK managers - as well as other Financial Conduct Authority (FCA)-authorised firms - must have already approved their plan to implement the  Consumer Duty, in relation to products and services offered to "retail customers". The plan must include evidence that firms have scrutinised and challenged the plans to ensure they are deliverable and robust to meet the new standards. The FCA may ask firms to share their implementation plans, board papers and minutes and challenge the contents. The goal, as the FCA has expressed in a September 2022 speech on...

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

Moving beyond FG12/16: The evolution of investment propositions

Moving beyond FG12/16: The evolution of investment propositions

'The modern adviser requires a holistic approach'

Karl Dines
clock 21 November 2024 • 4 min read
FCA's Nikhil Rathi registers interest for top civil service job - reports

FCA's Nikhil Rathi registers interest for top civil service job - reports

FCA CEO term to end next year

Linus Uhlig
clock 19 November 2024 • 1 min read
A practical guide to getting ongoing reviews in order

A practical guide to getting ongoing reviews in order

Have you considered file checks on annual review cases?

Jennifer Peaty
clock 19 November 2024 • 6 min read