IFAM 120 | Are you ready for Consumer Duty? July/August 2023

by | Jul 11, 2023

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After years of planning and preparation, the biggest regulatory change for almost a decade is almost upon us. Of no surprise to IFA Magazine readers is the fact that 31st July will see the final deadline for the FCA’s Consumer Duty. 

It is crucial that advice firms have carried out thorough analysis and reviews of all processes and procedures to ensure that they can fulfil the criteria and are not to be found lacking once the deadline passes. 

The regulator has stated that it expects the Duty to bring ‘higher and clearer standards of consumer protection across financial services’ and that it ‘requires firms to put their customers’ needs first’. They’ve also made it clear that they’re ready to “act swiftly and assertively” where they find “evidence of harm or risk of harm to consumers.” So, with just a few short weeks left, we’ve dedicated the largest section of this edition of IFA Magazine to Consumer Duty, starting on page 23. We’re grateful to all those who have provided practical last-minute tips to help ensure that no one falls at the first hurdle.  

 
 

At IFA Magazine, we know that putting clients’ needs first is something which is second nature to advisers. However, making sure that everything is thoroughly documented, evidenced and part of a clear process, can sometimes be another matter. 

We also know that a huge amount of effort has been made by firms and their compliance teams, to ensure that not only are they are aware of their new obligations but, most importantly, that they have taken the correct steps to ensure that these can be met in future. 

Ta dah!!! IFA Magazine introduces a brand new section    

 
 

As astute readers will have noticed, for the past year www.IFAMagazine.com has been running a very popular Mortgage and Property section, providing regular analysis and insight into what’s going on in these important markets. It’s fast becoming one of the most popular sections of our website. 

Initially, it was aimed at supporting the needs of our growing mortgage broker audience, as well as those IFAs who transact mortgage business. However, with such dramatic change and volatility going on in the mortgage market of late, it’s become a topic of much wider interest to our adviser community. It even makes most of the national news headlines these days.  

Of course, we always listen to what our fabulous audience is telling us so, starting this month on page 46, we’ll be selecting a few popular highlights from recent Mortgage and Property coverage. We hope you like it! If so, there’s plenty more great content available online on a daily basis here https://ifamagazine.com/category/mortgage-and-property/ 

 
 

Business as usual – for now     

Aside from Consumer Duty and Mortgage & Property news, you’ll find plenty more great content on the pages of your July/August edition. That means that your hardworking editorial team will be taking some much-needed time off next month. We hope you are able to enjoy some precious down-time too this summer. 

But fear not. We’ll be back all bright-eyed and bushy tailed, for our September edition. In the meantime, don’t forget, we’ll still be busy posting great content online – as well as our weekly IFA Talk Podcasts https://ifamagazine.com/podcasts/.

 
 

See you there!   

Sue Whitbread
Editor, IFA Magazine

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