Consumer Duty - What is all the fuss about?

You may have seen the term ‘Consumer Duty’ mentioned in recent financial articles, in particular highlighting the dubious practices and charging structures of some firms.

Consumer Duty refers to an important new set of rules that have been put in place by the Financial Conduct Authority (FCA), designed to enhance transparency and accountability within the financial services industry and ensure that firms act in the best interests of their clients. It’s all about being able to have trust in the industry, which is extremely important when it comes to your hard-earned nest egg!

The Regulator enforcing these rules means customers can have a better experience and trust genuine firms, leading to greater protection and confidence for consumers when accessing financial products and services.

Consumer Duty applies to all regulated firms, with the aim of setting higher and clearer standards of consumer protection across financial services. Gone are the days when large corporate financial advisory firms could blind clients with their marketing, and then charge for every ‘i’ dotted, or ‘t’ crossed!

The same can be said for advisers who simply vanish into thin air after providing a client with advice. Practises such as these will be held accountable for their lack of client care.

At Harold Stephens, we welcomed this increase in legislation. We always ensure the needs of our clients are always put first. Being a truly independent firm and obtaining industry-leading qualifications such as being SOLLA (Society of Later Life Advisers) Accredited is important to us to show customers we have their very best interests at heart.

We recently won two national awards directly related to Consumer Duty – for our work in vulnerable client care. We readily participated in a popular industry podcast to help other firms learn about best practice in this area to ensure not just our clients but clients across the UK can benefit from our experience.

Ensuring there is trust in the industry is paramount so those that need it feel confident in seeking financial advice.

If you have any financial planning needs, we are here to help with old-fashioned, face to face advice you can trust on the High Street. For a complimentary financial review, call 0117 3636 212 or email office@haroldstephens.co.uk.