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Part 1 – Consumer Duty – what does it all mean and how does it fit in with research and suitability processes?

1 min read 6 Oct 22

Check your answers

1. What is the date when firms must have agreed implementation plans by to comply with Consumer Duty?

a. 30th July 2023

b. 30th April 2024

c.  31st October 2022

d.  1st January 2023 

 

2. What are the four outcomes the FCA is seeking to improve under the Consumer Duty? 

a. Treating customer fairly, price and value, acting in good faith and avoiding foreseeable harm

b. Products and services, price and value, consumer understanding and consumer support

c. Avoiding foreseeable harm, price and value, meeting customer objectives and consumer understanding

d. Price and value, avoiding foreseeable harm, helping consumers understand and staying with the price cap

 

3. What do both ‘manufacturers’ and ‘distributors’ need to consider when looking at the value of an investment product?

a.  The fair value assessment of the product

b. If the total charge exceeds a 1.5% p.a.

c. The rolling reduction in value at five year points

d. The value it will add to the client, but only when sold without advice 

 

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