Maddie Delboy, Head of Regulatory Support, looks at how PROD interacts with Consumer Duty and what else the regulator is looking for in the Consumer Duty rules.
One of the first reactions to Consumer Duty was as ‘TCF on steroids’ and then as we went through rounds of consultation, this eventually morphed into ‘PROD on steroids’. Sometimes I see the mass of articles, webinars, seminars and all things in between regarding Consumer Duty and I think the sight of ‘what is consumer duty’ has been lost, so that makes it hard to look at the how.
Just as a recap (which you can skip if you have seen it too much…) Consumer Duty is all about a shift to outcomes-based regulation and a mandated focus that the client is at the centre of all regulated businesses. The regulator wants firms to put themselves in the client’s shoes at every single touch point along the financial services journey. Those touch points have been highlighted as ‘the four outcomes’.
Read more in the Professional Paraplanner article here.
Find out more about how we can help you implement Consumer Duty into your business here.
Group News Latest News Popular
Introducing our latest whitepaper…
We all saw the FCA’s thematic review into Retirement Income Advice back in January 2023 – it’s more important than ever for firms [...]
Eclipse Archives Industry Insight Popular
What’s your mastermind subject?
I’m here to talk branding. Anyone who knows me knows it’s my Mastermind subject. And, if you don’t know me, I’m Natalie Bell, [...]
Eclipse Archives Industry Insight Latest News Popular
URGENT: LTA Abolition
HMRC kindly issued a newsletter on 4th April advising clients to delay taking their pension benefits or transferring until it can fix incorrect [...]
Group News
Say hello to our trainers!
As part of our ongoing commitment to excellence, we’ve recently welcomed an awesome duo to our training dream team. We introduced a new [...]
Latest News Popular Press
Spring Budget 24
The spring budget comes and goes with no major changes to the world of financial planning. There are however some announcements and changes [...]
Eclipse Archives Group News Latest
Common ‘Training’?
I can’t get Pulp’s ‘Do You Remember the First Time’ out of my head. I’m pretty sure that Jarvis had other things on [...]
Eclipse Archives Industry Insight Latest
Stellar Compliance
You may have spotted that this week we hosted our monthly TALK event, and this month we were joined by Gillian Hepburn, Benchmark, [...]
Group News Latest
And who do we have here?
We have yet more exciting internal news to share, following a shake-up in a section of our client relations department – with two [...]