FCA quizzes 20 advice firms on Consumer Duty compliance

FCA asks firms about ongoing services in response to Consumer Duty

Sahar Nazir
clock • 1 min read

The Financial Conduct Authority (FCA) has today (15 February) written to 20 of the UK’s largest advice firms to request information on their ongoing advice service in line with the Consumer Duty.

The watchdog has asked for data on the number of clients due a review of the ongoing suitability of the advice as part of the service, how many received that review, and how many paid for ongoing advice "but whose fee was refunded as the suitability review did not happen". The FCA's survey also asks advice firms how they are assessing their ongoing advice service and whether they have made any changes since the Consumer Duty regulation was implemented last year. "The FCA is collecting this information to assess what, if any, further regulatory work it may undertake in this area. The F...

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 Your profession

CII: Vulnerable client management is 'an opportunity for growth'

CII: Vulnerable client management is 'an opportunity for growth'

Firms can expand potential client bases

Isabel Baxter
clock 07 April 2026 • 2 min read
Common language used by advisers triggers anxiety and distrust among retirees

Common language used by advisers triggers anxiety and distrust among retirees

Product-led communication one of the biggest drivers of mistrust

Laura Purkess
clock 01 April 2026 • 1 min read
Advisers: Are you even taking your own advice?

Advisers: Are you even taking your own advice?

Exploring the expenditure consolidation conversation

Nick Ryan
clock 25 March 2026 • 4 min read