Menu
Consumer Duty starts to take hold

Consumer Duty rules will take full effect from 31 July 2023. However, it is starting to show its face already.

 

This message is now appearing on Connect in some circumstances.

“The majority of firm types that need to apply for authorisation or existing firms seeking to vary their permissions will need to comply with the new Consumer Duty, as detailed in PS22/9. The application form you are required to complete may have no specific questions relating to the new Consumer Duty rules. However, you should be prepared to supply such evidence as necessary in the application process. The case officer allocated to your firm’s application will advise what information is required to be provided.”

Don’t forget to check Our View about this article and the Actions Required By You

Consumer Duty starts to take hold

Important Note: ATEB news is intended to provide general information ONLY. The content, including any views expressed or guidance provided, does not replace the need to comply fully with FCA Rules and Guidance. Unless you have discussed news article content with ATEB, and specifically how it relates to your circumstances, then ATEB disclaims all liability and responsibility and actions arising from any reliance placed upon it. For the avoidance of doubt therefore, any reliance you place on such information without our consultation is at your own risk.

ATEB Compliance offers compliance and regulatory advice.

ATEB Suitability provides report writing software for the financial services market.

Our View

Firms need to be starting to think about how Consumer Duty requirements will be implemented. A plan is required by the end of October ahead of the rules taking effect in 2023.

Action Required By You

Schedule a management level discussion of how the firm will implement Consumer Duty. ATEB can help firms understand what is required and how it can be implemented.
SUIT - Beautiful Reports
CREATE BEAUTIFUL
SUITABILITY
REPORTS
TRY IT FOR FREE
SUIT - Complete Control
TAKE BACK
CONTROL OF YOUR
SUITABILITY REPORT
PRODUCTION
TRY IT FOR FREE
SUIT - Comp confidence
SUITABILITY
REPORTS
WITH FULL
COMPLIANCE
CONFIDENCE
TRY IT FOR FREE
previous arrow
next arrow

About the Author

Contact Us

Brought to you by

Explore more articles in this category

Other articles that you might be interested in

Dark_wall_just_ateb_signage

Ukraine – 10% drop reporting

Compliance , , , ,

The current hostilities in Ukraine have caused significant market drops and may continue to do so. Accordingly, a reminder about the 10% drop reporting requirements is timely.   Readers will recall the early days of the Covid pandemic in 2020 caused a period of market volatility that necessitated issue of 10% drop notifications to clients. […]

Read More
Crop black woman typing on laptop in light room

Platform switching – is a suitability report required?

Compliance , , , , , , , , ,

Platforms play a big part in the investment process of most UK firms. According to Defaqto, 94% of advisers place 50% or more of their new business on a platform, while as many as 20% choose not to place any client assets off-platform at all. That being the case, it is no surprise that the […]

Read More
Accuracy afternoon alarm clock analogue

Is now a good time?

Compliance , , , , , , ,

The tentative question posed in the heading to this article refers to the vagueness of the rules around when disclosure should be issued to clients. We have written about this before, most recently in connection with the Personalised Charges Communication that is now required to be issued to clients when full pension transfer advice is […]

Read More
Blur chart check up curve

Pension Transfers and Serious Ill Health Lump Sums

Compliance , , ,

We often see pension transfer cases where the client is in ill health and with this as the primary driver for transferring away from a defined benefits scheme, i.e. to make available a lump sum benefit in the event of death rather than the scheme dependants’ pensions. While this can be a strong driver for […]

Read More
survey

Discounting advice options

Compliance , , , , ,

A question that pops up from time to time is whether there is a need to discount potential options that are not being recommended. This was something that, in the early days of regulated advice,  a few firms used to require advisers to include in suitability reports. Some still do. However, there has never been […]

Read More
Load More