The FCA Consumer Duty - is it just the new TCF?

The impact of the new rules will be significant, affecting many aspects of a financial advice firm
February 2022

Graham Finlay

Vice President, Strategic & Technical Sales

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51 MINS STRUCTURED CPD

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Risk Disclaimer

The information, opinions, estimates or forecasts contained in this article are reasonably believed to be reliable and are subject to change at any time. It has been produced for information only.

Views and opinions are those of the author and do not necessarily reflect those of BMO Global Asset Management and should not be considered to be a recommendation or solicitation to buy or sell any companies that may be mentioned. No action must be taken or refrained from being taken based on this content alone.

Key takeaways:

  • Understand what is involved in the new Consumer Duty proposals
  • Explain how Consumer Duty interacts with existing TCF rules
  • Identify the impact of Consumer Duty on a firm’s charging model

At the time of writing, it’s still in the consultation stage, but the Consumer Duty is due to become rules in July this year.

The impact of the rules will be significant, affecting many aspects of a financial advice firm, from the charging structure to the Centralised Investment Proposition. It is also creating a new Principle (12) and will go further than, and build on, Principles 6 and 7 (those relating to TCF and communications).

Graham Finlay and Karl Dines, Head of Business Consultancy at SimplyBiz, will highlight the key elements from the consultation and discuss the potential impact on financial advice firms in the UK.

BMO Adviser Edge The FCA Consumer Duty - is it just the new TCF

Risk Disclaimer

The information, opinions, estimates or forecasts contained in this article are reasonably believed to be reliable and are subject to change at any time. It has been produced for information only.

Views and opinions are those of the author and do not necessarily reflect those of BMO Global Asset Management and should not be considered to be a recommendation or solicitation to buy or sell any companies that may be mentioned. No action must be taken or refrained from being taken based on this content alone.

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