The Consumer Duty – What is it?
In 2022, our regulator, the Financial Conduct Authority (FCA), set out final rules and guidance for a new Consumer Duty that sets out its expectations for higher and clearer standards of consumer protection across financial services. It requires firms to put their clients’ needs first.
How has the Consumer Duty changed our services?
The Consumer Duty is seen as a fundamental change to consumer protection regulation. It will be necessary for many firms to fundamentally change from both a cultural and operational perspective.
At Pareto, we welcomed the new rules. We believe them to be the regulator’s confirmation of everything we represent as a company and everything we have tried to achieve for our clients.
Since Pareto was first established in 2008, at the heart of our business has been a clear and succinct purpose – to provide a positive client outcome in everything we do. We believe in the importance of financial planning and how we provide it.
We have built our reputation through our expertise in highly complex areas of financial advice. All of our services have been designed to meet the needs of our clients – ensuring the right outcomes for them at all times. We have set this out in our client charter to make sure this was always at the top of our agenda.
We are also leading the industry on best practice and have won numerous awards for our services. We were also voted one of the best Financial Advisers to work for in 2023.
Find out more
We have prepared a guide on the Consumer Duty and set out the expected outcomes, what they mean for our clients, and how we will ensure we meet them. this can be downloaded below.
Contact us
If you have any questions regarding the Consumer Duty, our services, our processes or any information or support we provide. Please contact your adviser directly or contact us here.
Personal circumstances differ and not all of this information is applicable to every client and/or their business, this information is general in nature and should not be relied upon without seeking specific professional financial advice.
The Financial Conduct Authority (FCA) does not regulate tax advice, estate planning, trusts or will writing.
The content in this article is for your general information and use only and is not intended to address your particular requirements. Articles should not be relied upon in their entirety and shall not be deemed to be, or constitute, advice.
Although endeavours have been made to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No individual or company should act upon such information without receiving appropriate professional advice after a thorough examination of their particular situation. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of any articles.
Thresholds, percentage rates and tax legislation may change in subsequent finance acts. Levels and bases of, and reliefs from, taxation are subject to change and their value depends on the individual circumstances of the investor. The value of your investments can go down as well as up and you may get back less than you invested. Past performance is not a reliable indicator of future results.
Pareto Financial Planning Limited is authorised and regulated by the Financial Conduct Authority (FCA).
