FCA quizzes 20 advice firms on Consumer Duty compliance

Focus on ongoing services

The Financial Conduct Authority (FCA) has written to 20 of the UK’s largest advice firms to request information on their ongoing advice services in line with the Consumer Duty.

In the letter sent today (15 February), the FCA has asked for data on the number of clients due a review of the ongoing suitability of the advice as part of the service, how many received that review, and how many paid for ongoing advice "but whose fee was refunded as the suitability review did not happen". Advice firms have also been asked how they are assessing their ongoing advice service and whether they have made any changes since Consumer Duty was implemented last year. Consumer Duty exemption for EEA funds poses threats of 'divergence' and 'misalignment' "The FCA is collecti...