FCA on Consumer Duty: 'There are areas where firms could do better'

Focus on fair value assessments

Isabel Baxter
clock • 3 min read

There are still areas of Consumer Duty where firms could do better, according to Financial Conduct Authority executive director of consumers and competition Sheldon Mills.

In a recent speech, Mills reflected the progress of the Consumer Duty regulation as it has now been just over half a year since it came into effect for advisers. He said that the most challenging outcome of the Duty for firms to meet is that of fair price and value. Mills did note that, positively, 37% of advice firms have reviewed or changed their fees structure since the Consumer Duty was introduced. "But there are areas where firms could do better," he warned. He explained that many of the fair value assessments the regulator has seen are not relying on solid data and other credibl...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Regulation

Industry questions where the blame lies for Woodford liquidity issues

Industry questions where the blame lies for Woodford liquidity issues

Reaction to FCA warning notice

Cristian Angeloni
clock 11 April 2024 • 3 min read
FCA to allow 'bundling' of investment research payments in regime overhaul

FCA to allow 'bundling' of investment research payments in regime overhaul

Response to Independent Research Review

Valeria Martinez
clock 10 April 2024 • 2 min read
FCA lays out 2024/25 fees and levies proposals with £755m planned spend

FCA lays out 2024/25 fees and levies proposals with £755m planned spend

To cover budget increase

Hope Coumbe
clock 09 April 2024 • 4 min read
Trustpilot