Aegon questions how providers of the Chancellor’s proposed British ISA will prove this meets FCA Consumer Duty requirements. Steven Cameron, Pensions Director at Aegon said: “While the Chancellor is keen to see the introduction of British ISAs, under the FCA’s...
Consumer Duty
One in seven IFAs still unclear on good customer outcomes, following first 6 months of Consumer Duty
Just over six months on from the introduction of Consumer Duty, one in seven (16%) independent financial advisors (IFAs) say they do not feel clear on what good customer outcomes look like, according to global research and insights agency Opinium’s latest polling into...
Big banks failing to offer more competitive savings rates, updated figures show
Analysis using the Moneyfacts Consumer Duty Audit Tool for Savings indicates that big banks are still failing to make their easy access rates more competitive, despite continued focus from the Financial Conduct Authority around Consumer Duty. The big banks’...
How real couples in the UK manage money revealed
New research from ClearScore finds that just 2 in 5 (40%) couples are splitting bills proportionate to income - with the majority (51%) splitting everything 50/50 1 in 6 (17%) Brits say they’ve hidden debts from their partner and 1 in 4 (25%) have hidden purchases,...
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Firms risk alienating consumers by not engaging directly on vulnerability, MorganAsh advises
Firms across financial services are both at risk of alienating consumers – by obtaining vulnerability data without their knowledge – and...
Advisers reveal most challenging areas of Consumer Duty six months on
Advisers find ‘consumer support’ the most challenging Consumer Duty outcome area to comply with six months on from the regulation’s...
You have been warned! Six months on from Consumer Duty, MorganAsh’s Gething shares a roundup of recent FCA action on consumer vulnerability
It is now six months since the FCA's groundbreaking Consumer Duty came into effect. Reflecting on progress so far, Andrew Gething,...
Consumer Duty six months on: Dynamic Planner’s Chris Jones reflects on why he believes it’s in all our interests to make it work
July 31st 2023 is a date etched in the mind of anyone working in financial services in the UK. Now, six months on from the date the...
Financial data belonging to as many as 53 million individuals compromised in data breaches last year
Financial data compromised in data breaches almost doubles in the past year Financial data belonging to as many as 52.8million individuals...
JM Finn Board Changes and Chairman Retires
Steven Sussman retired from the role of chairman of JM Finn following a 26 year career at the firm as part of a recent series of changes...
Vulnerability in 2023 and a look forward to 2024Â – Comentis
With the curtains closed on 2023, Jonathan Barrett, CEO and Co-Founder of Comentis, the duty of care assessment company, looks back on the...
Defaqto launches Consumer Duty Profiles for top 20 MPS portfolios
Defaqto has launched new independent Consumer Duty Profiles for the top 20 most frequently recommended discretionary MPS portfolios....
Signposting vulnerable consumers is not enough to avoid potential harm, warns MorganAsh
Signposting a vulnerable client to a different organisation for help is not enough to avoid potential harm and to meet Consumer Duty...
Schroders UK Financial Adviser Survey 2023
The 2023 Schroders UK Financial Adviser Survey has found that clients have become increasingly bearish as the year has progressed, despite...
BNY Mellon Pershing’s Head of Regulatory Change on latest Consumer Duty developments
Following Wednesday’s announcement from the FCA requesting progress updates on the Consumer Duty, Linda Gibson, Head of Regulatory Change,...
Using technology to deliver Consumer DutyÂ
Written by Richard Wake, Chief Customer Officer at intelliflo When the Retail Distribution Review (RDR) loomed back in 2012 it was...
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