Browse all articles across people aspects of regulation and people development within UK financial services
Near-record low levels of customer satisfaction indicates trouble ahead for FinServ firms affected by Consumer Duty, as the Financial Conduct Authority’s (FCA) Financial Lives Survey also reinforces fundamental service failures across the sector.
On 9th December 2022, the Chancellor announced the ‘Edinburgh Reforms’ as part of a multi-step strategy to promote growth in the UK by removing cumbersome EU laws and directives that have been retained post-Brexit.
We are almost two months on from 31 July 2023 deadline for implementing all the elements of Consumer Duty into our businesses. How are we doing? As a Compliance Consultant, Consumer Duty is the gift that keeps giving.
A quick look at our e-learning course data on The Development Zone shows that ‘Complaints Handling and the FCA’ was our most accessed course in August and it regularly finds itself in our top 5 courses.
Over the last 12 months, Elephants Don’t Forget have run a popular Consumer Duty webinar series that has been attended by 1000s of financial services professionals.
As firms move into the final stages of preparation for the implementation of the incoming Consumer Duty (CD) regulation, I thought it would be interesting to think ahead and start considering life post 31st July 2023 and particularly consider what life might be like for a firm’s CD Champion who, ultimately is responsible for championing…
It is certainly nearly upon us – Consumer Duty that is – and there can be barely anyone in the Advice industry that isn’t at least aware of it and the possible significance of its impact. What is striking is that that awareness is not matched amongst the consumer – or potential consumer – population.
On 31st July, the FCA’s Consumer Duty comes into force for all regulated firms that give advice or guidance to retail clients.
As advisers are manufacturers of their advice process, this has given us an opportunity to review the advice process and also the review process. As ever, the main thing is to keep evidence that the review of processes has taken place.
In my last article (December’s edition), I talked about the fact that once Consumer Duty is implemented, ultimately the buck stops with individuals, not just the processes they follow and the structures that support them.
Will the regulator fail to achieve its fundamental objective of changing the culture of UK FinServ firms and transforming the prevailing negative public attitude towards the sector?
The law of unintended consequences is looming its ugly head again. When the Chief Executive of UK Finance highlights an issue at its annual mortgage lunch there really is a problem brewing. So, what is the issue? Mortgage prisoners.
