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Part 4 - Regulatory Landscape

92 min watch 9 May 22

Session: 5 May 2022

On this session we discussed the imminent FCA Consumer Duty rules and guidance with three experts, Peter Lovegrove of Grant Thornton, Ricky Nuttall of Simplybiz and Ross Liston of Bankhall. Our guests provided different perspectives on the requirements and what actions are needed. Importantly, this looked at not just the high-level requirements, but what advice firms can practically do to prepare themselves for this radical change.

Learning Outcome - to demonstrate an understanding of: 

  • Describing the core components of the forthcoming Consumer duty rules and guidance

  • Explaining the impact of the rules on advisers’ businesses

  • Identifying what advisers can do now to best prepare themselves for the new rules and guidance

  • How to explain how meeting the price and value requirements will impact adviser firms


To claim your CPD certificate, test your knowledge with the questions below.

Write down your answers to each of the following questions and check your answers when you click through to claim your CPD certificate on the link below.
 

Test your knowledge

1.        What date have the FCA  proposed for the rules to be fully embedded by firms?

A.       31/7/22

B.       30/4/23

C.       31/12/22

 

2.        What do the cross-cutting require firms to do?

A.       To act in good faith, avoid foreseeable harm and ensure customers agree to reviews on a regular basis to ensure recommendations remain appropriate

B.       To act in good faith, agree to treat customers fairly and abide by UK law

C.       To act in good faith, avoid foreseeable harm and enable support retail customers to pursue their financial objectives

 

3.        What is likely to form part of the evidence the FCA will ask firms to produce to show adherence to the Consumer Duty rules and guidance?

A.       An annual report that has been signed off by the firm’s board, or equivalent management body

B.       A list of all customers and whether they have gained or lost money

C.       Interviews with all relevant staff to ensure they can spot vulnerable customers

 

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