Consumer Duty seems to be a big theme at the #PFSFestival
My take on the history of the Consumer Duty in three short tweets ...
My take on the history of the Consumer Duty in three short tweets ...
2011 FSA - Responsibilities of Product Providers and Distributors (RPPD). Well hidden guidance on TCF which said you should design your advice service to generate good outcomes for your client bank
2017 FCA - PROD which said you MUST design your advice service to generate good outcomes for your client bank and we really mean it this time so have turned into hard rules
2022 FCA Consumer Duty which says FOR F***'S SAKE, WILL YOU DESIGN YOUR ADVICE SERVICE TO GENERATE GOOD OUTCOMES FOR YOUR CLIENT BANK!!!!!!
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