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Consumer Duty

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.

Published in Comment and Blogs
Tuesday, 05 November 2024 09:45

FCA warns SIPP operators over Consumer Duty

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

Published in Articles
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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.

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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.

Published in Articles
Tuesday, 06 February 2024 11:41

Defaqto launches Consumer Duty Profiles pilot

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.

Published in Articles
Wednesday, 31 January 2024 10:29

Advisers say consumer support is biggest challenge

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

Published in Articles
Tuesday, 19 December 2023 15:30

Defaqto adds Consumer Duty Profiles for MPS

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

Published in Articles
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Tuesday, 01 August 2023 12:07

IFAs warn Consumer Duty could hit profits

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.

Published in Articles
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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.

Published in Articles
Thursday, 01 June 2023 10:31

Technology costs rise ahead of 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.

Published in Articles
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