Welcome to the Financial Conduct Authority’s Consumer Duty
25 July 2023Regulation of UK financial services is nothing new. Indeed, it is a welcome backbone that the UK public relies on when receiving financial advice and purchasing financial products. As time moves on, evolution of understanding means that changes need to be made to improve regulation, not only in terms of technical points, but also the service standards of the manufacturers and distributors of the sector, to create good consumer outcomes. We believe that all outcomes should be good.
Part of the Financial Conduct Authority (FCA)'s new Consumer Duty requirement for those that maintain a senior function and control the delivery of products and advice to the consumer, is to assess all aspects of the process. From the product and those involved with it, to the pricing, to the value, to the end result and what this might look like in the future. This cross-cutting process aims to ensure that the consumer receives fair value throughout the product or service journey. This is then monitored and assessed on an ongoing basis.
To a significant extent, it is a renewed and very much enhanced process of treating customers fairly, which we have strived to achieve since our establishment in 2004. The work we have achieved on the Consumer Duty project over the last year has been positive and we have been able to identify some changes that we have implemented to enhance our services looking forward. I am pleased to say that there were not many points identified for change; however, it is always good to find room for improvement.
If you would like to know more about our services, the changes achieved, or more on the Consumer Duty process then please let us know.
No individual advice is provided during the course of this blog.
Keith Churchouse FPFS
Director
CFP Chartered FCSI
Chartered Financial Planner
Chapters Financial Limited is authorised and regulated by the Financial Conduct Authority, number 402899
