Displaying items by tag: Consumer Duty

In late December, Prime Minister Sir Keir Starmer tasked 10 regulators with removing ‘barriers to growth’ in order to attach the jump leads to the UK economy. On 16 January, the FCA wrote a letter to the Government to outline their plans to support the growth agenda.

The FCA has warned SIPP operators over lack of progress over concerns that their actions could lead to “harm to individual consumers.”

Some investment and SIPP providers have been retaining interest earned on cash-holdings to subsidise loss-making platforms, according to an FCA study published today.

Sheldon Mills, executive director of consumers and competition at the FCA, has claimed that Consumer Duty has been a great success in a speech at an event celebrating the Duty’s anniversary.

Data and research provider Defaqto - which provides Engage Financial Planning software - has launched a pilot for new Consumer Duty Profiles for selected product providers in the personal pension, SIPP and adviser platform spaces.

Financial advisers find ‘consumer support’ the most challenging Consumer Duty requirement, according to new research from Abrdn, an investment and SIPP provider.

Fintech and data provider Defaqto has unveiled new independent Consumer Duty Profiles for the top 20 most-frequently recommended discretionary MPS portfolios.

More than 4 in 10 financial advisers expect the FCA’s new Consumer Duty - which came into effect on Monday 31 July - to hit profits due to the cost of complying with the new rules.

Close to two thirds (61%) of Financial Planners believe pension and retail investment products will see a boost from the FCA’s new Consumer Duty.

Spending on new technology is the biggest driver of increased investment by adviser firms ahead of the implementation of Consumer Duty coming into effect from the end of July.