Alasdair Wilson, Investment Specialist at The Verve Group, looks at how advice firms can structure their client banks to help them conform to the new Consumer Duty regulations and how the new rules link to addressing PROD, platform due diligence and CIP.
At the end of July, the FCA finally announced new rules on Consumer Duty with the main aim of improving how advice firms service their clients. The rules specify that firms must demonstrate fair value to their customers by recommending suitable (and understandable) products and provide advice services at a fair cost to the client. Here, we’ll take a look at the steps you can take to ensure your firm is compliant with Consumer Duty based on conversations we have with firms, and internally across our departments..
Read more in our Professional Paraplanner article here.