Following concerns raised about firms’ disclosure of charges and services post RDR, the FCA has published an assessment template to assist firms to review their documentation.
The FCA plan to use this template to assess firms’ disclosure when carrying out the next cycle of their review, which starts in mid-July.
They expect to see significant improvements in this area and if they continue to identify firms that are failing to meet the disclosure requirements, they will consider what further regulatory actions are appropriate.
The use of this template is not compulsory, but all firms are encouraged to use it to assess standards and to make any necessary changes to their client facing documentation. A copy of the assessment template should be retained.
The Disclosure Assessment template, together with accompanying notes and explanatory video, can be accessed here.
Further useful supporting documentation can be found below:
Consumer Duty – the shape of things to come?
Paul Jay Compliance 2021, complaints, Conduct, email, FCA, Pension, Pension Transfer, PI, platform, Register, Switch, transfer, Xplan
In its numerous publications prior to the implementation of Consumer Duty, the FCA promised that it would be more proactive and take a forward looking view, rather than acting with the benefit of hindsight – something for which it has received criticism previously. We’ve been waiting to see how this would pan out and didn’t […]