New Year Business Guide - brought to you by APL Media •Wednesday 11 January 2023 ADVERTISEMENT FEATURE
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Finance & legal • 9 ADVERTISEMENT FEATURE
Further changes for the UK fi nancial services markets
The UK fi nancial services industry is going through more changes in the lead up to the implementation of the Financial Conduct Authority’s Consumer Duty. It’s important not to look at the Consumer Duty on its own. Firms must look at the bigger picture to identify the way in which the FCA will expect fi rms to comply with the shiſt created by the Consumer Duty and how the FCA will use these new rules to regulate the industry. The Regulator has been clear that it will take an assertive approach to implementation of the new rules, in particular to fi rms’ plans on monitoring customer outcomes. Firms should take a risk- based approach to implementation,
What changes are being brought in by the Consumer Duty?
The Consumer Duty ushers in a new landscape for FCA authorised firms which includes;
AnewConsumer Principle that requires firms toact to delivergoodoutcomes for retail customers.
Cross-cuttingrules requiringfirms toact ingoodfaith, avoidcausingforeseeableharm,andenableand support customers topursue their financialobjectives.
Fouroutcomes requiringfirms toensure consumers receive; communications they canunderstand, productsandservices thatmeet theirneedsandoffer fair value,aswellas the customer support theyneed.
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focusing initial work on the most complex and risky products, and paying particular attention to the strengthened requirements on governance and accountability. The Compliance Company
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T e Compliance Company helps fi rms with Consumer Duty
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Regulatory Statement: Beaumont Wealth is a trading style of Beaumont Financial Planners Ltd who is authorised and regulated by the Financial Conduct Authority. Company registered in England number 8707394. Registered address — 21 Salop Road, Oswestry, Shropshire, SY11 2NR.
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