PFS introduces Consumer Duty good practice adviser guide

Guidance to help firms carry out Consumer Duty in a practical way

Julia Bahr
clock • 4 min read

The Personal Finance Society (PFS) has published a good practice guide for financial advice firms setting out the Financial Conduct Authority’s (FCA) Consumer Duty expectations in support of the watchdog’s flagship regulatory reform.

The new Consumer Duty, which started with a campaign by the Financial Services Consumer Panel to create a statutory ‘duty of care' in 2017, appears at several levels in the regulator's handbook, according to the PFS. The professional body explained that at the highest level, the FCA summed it up in a new principle, elaborated in cross-cutting obligations: ‘A firm must act to deliver good outcomes for retail customers.' Instead of introducing new rules, the Consumer Duty listed four outcomes, against which firms should judge their impact on consumers. Price and value: covers el...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

Julia Bahr
Author spotlight

Julia Bahr

More on Regulation

Government invests £36.5m in mental health support for families

Government invests £36.5m in mental health support for families

Plan for Change initiative

Jaskeet Briah
clock 13 January 2025 • 2 min read
Tax concerns hit highest levels since 2017 as UK businesses forecast Budget linked price increases

Tax concerns hit highest levels since 2017 as UK businesses forecast Budget linked price increases

Significant concern for 63% of firms

Eve Maddock-Jones
clock 06 January 2025 • 3 min read
IPT receipts hit £1.2bn in November

IPT receipts hit £1.2bn in November

£6.65bn for the year

Cameron Roberts
clock 20 December 2024 • 2 min read