Financial Conduct Authority  

What is the consumer duty and how will it impact financial services?

  • Understand what the new consumer duty is.
  • Explain how it interacts with existing rules.
  • Identify what it means for businesses going forwards.
CPD
Approx.30min

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Regulated advice where a specific recommendation is made based on someone’s personal circumstances and broad financial situation will, of course, remain the gold standard. 

But for those who do not receive advice, the FCA faces a choice: enable others in the sector, including providers, to provide a bit more help so more people make good decisions (or avoid bad decisions), or risk increasing numbers of people turning to the Wild West of internet chat rooms and social media.

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Tom Selby is head of retirement policy at AJ Bell

CPD
Approx.30min

Please answer the six multiple choice questions below in order to bank your CPD. Multiple attempts are available until all questions are correctly answered.

  1. When are the new consumer duty rules due to come into effect?

  2. Why does the existing investment platform market create healthy competition between businesses according to the author?

  3. Which trait risks being exposed by price comparisons according to the author?

  4. What does the author say it would have made sense for the FCA to ditch altogether?

  5. What does the author think the FCA should do to signal a move away from the previous regulatory model?

  6. What does the author say could have been better spent?

Nearly There…

You have successfully answered all the questions correctly, well done!

You should now know…

  • Understand what the new consumer duty is.
  • Explain how it interacts with existing rules.
  • Identify what it means for businesses going forwards.

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