The Future Of Professional Advice In A New Consumer Duty World Ifa Magazine However, this year’s new consumer duty looks set to add yet a further layer of processes, checks and controls to busy advice businesses. indeed, survey respondents told us that regulatory change is one of the biggest challenges which they face – with almost 73% citing it as one of their top three challenges. In a rapidly evolving regulatory landscape, consumer duty has become one of the most significant shifts for financial services in decades. jenny hunter, senior financial journalist at ifa magazine, sat down with stuart o’sullivan, associate director at protiviti, to explore how firms navigate these changes, the challenges they face, and the critical role of data, technology, and continuous.
The Future Of Professional Advice In A New Consumer Duty World Ifa Magazine The new consumer duty rules have certainly generated much extra work for advisers these past few months, as firms carry out their checks and controls of processes to ensure that they will not fall foul of the new fca rules which take effect from 31 st july. With the fca’s new consumer duty requirements coming into force on 31 july, ifa magazine, in conjunction with legal & general, decided it would be a great time to carry out a reader survey to. Opinion: consumer duty means every firm must hold up a mirror to their proposition and pricing. percentage fees based on the amount clients invest are also a key factor in what makes the financial. The aim is to embed the duty into the firm’s dna and enhance how financial firms treat customers. what has changed? the consumer duty marks a shift towards an expectation of consumer friendly practices, delivering good outcomes for retail clients and savers. an example of a poor outcome would be when banks offer poor savings rates to customers.
A Guide To The New Consumer Duty Radcliffe Ifa Opinion: consumer duty means every firm must hold up a mirror to their proposition and pricing. percentage fees based on the amount clients invest are also a key factor in what makes the financial. The aim is to embed the duty into the firm’s dna and enhance how financial firms treat customers. what has changed? the consumer duty marks a shift towards an expectation of consumer friendly practices, delivering good outcomes for retail clients and savers. an example of a poor outcome would be when banks offer poor savings rates to customers. Just before consumer duty launched, research from nextwealth shows the number of dfms each ifa practice worked with peaked at around 2.5 in 2020 then declined following the covid 19 pandemic. following consumer duty coming into effect, the 2024 fe fundinfo adviser survey found only 3% of advisers have reduced the number of dfms they work with. The new obligations from the financial conduct authority, detailed in its july 2022 policy statement (ps22 9) entitled “a new consumer duty”, demand much more of providers.
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