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

Considering client emotions: Dealing with post-Budget anxiety

Considering client emotions: Dealing with post-Budget anxiety

Advisers need to understand client emotions during 'turbulent times'

Isabel Baxter
clock 01 November 2024 • 4 min read
Well-trailed Autumn Budget 'not as dramatic as expected'

Well-trailed Autumn Budget 'not as dramatic as expected'

Although speculation around pensions tax-free cash was ‘unhelpful’

Isabel Baxter
clock 01 November 2024 • 4 min read
Feel Good Friday: Succession Wealth raises £30,000 for cancer charity

Feel Good Friday: Succession Wealth raises £30,000 for cancer charity

Wealth firm hosts its annual charity golf tournament

Professional Adviser
clock 01 November 2024 • 1 min read