"Our good practice guide sets out the regulator’s expectations, and is designed to start a conversation about how advisers can discharge the Consumer Duty in a practical and achievable way. "
- Dr Matthew Connell, PFS director of policy and public affairs
Dr Matthew Connell, PFS director of policy and public affairs, claims that “in many ways, financial advisers have been at the forefront of care for their clients,” since there is “no greater discipline for a professional than sitting in front of a client for an annual review and explaining how their investments have performed.”
Consequently, the Personal Finance Society (PFS) has said that there are not many rules under the Consumer Duty, rather there are four outcomes from which firms should judge their impact on customers.
These outcomes are:
- Price & Value,
- Consumer Understanding,
- Products & Service,
- Consumer Support,
- Unnecessary Barriers
“The advisers can often have the clearest oversight of the customer’s overall position and an overview of the total proposition,” Connell added, as well as noting that the Consumer Duty recognises the unique position advisers have in assessing value for their clients.