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PFS responds to FCA announcement on Consumer Duty

Publication date:

27 July 2022

Last updated:

28 July 2022

Author(s):

Personal Finance Society

In response to today’s confirmation by the Financial Conduct Authority (FCA) of the requirement to implement the new Consumer Duty by 31 July 2023, Sarah Lord, President of the Personal Finance Society, said: "We welcome the confirmed period for implementation of the FCA’s new Consumer Duty. For many of our members, the commitments and principles it promotes are already part of their existing processes, but it is encouraging that the FCA recognises that additional time may be needed to extend these across the wider financial services profession. We look forward to working with the regulator and our members to ensure the continued delivery of good outcomes for their clients.

"Well-informed financial planning is so important at this time as people grapple with rising costs and plan for their and their family’s future. We agree with the FCA that clear information and support is vital in helping them make the best decisions.

"Our members already hold the principles of rigour, transparency, fair value and attentiveness at the heart of their work. They provide expert, bespoke advice, putting their clients first and supporting them closely throughout their journey. The PFS welcomes the intention to improve understanding and support for all consumers, not just those that have access to independent financial advice.

"We will continue to work closely with the FCA and other regulators, our peers, and directly with clients to ensure our values and commitment to putting people first are at the core of any new rules."

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This document is believed to be accurate but is not intended as a basis of knowledge upon which advice can be given. Neither the author (personal or corporate), the CII group, local institute or Society, or any of the officers or employees of those organisations accept any responsibility for any loss occasioned to any person acting or refraining from action as a result of the data or opinions included in this material. Opinions expressed are those of the author or authors and not necessarily those of the CII group, local institutes, or Societies.