On 31 July 2023, new rules from the Financial Conduct Authority (FCA), known as the Consumer Duty, came into force for financial services firms. These set a higher standard of consumer protection in financial services and mean that consumers should receive the following:
- The support they need, when they need it.
- Communications they understand.
- Products and services that meet their needs and offer fair value.
We are confident that we have been delivering all of the above for our clients for more than 30 years, and our recent client survey confirmed that this is still the case.
Over the last 12 months, in the run-up to the formal implementation of the Consumer Duty rules, we have been working hard to review our internal processes and services offered to ensure clients continue to receive great outcomes in line with the FCA’s guidance. As part of this work, we have looked to restructure our ongoing service propositions so that clients receive the appropriate level of service for their individual needs, financial position, and the fees they pay.
We will be contacting clients to update and confirm individual service levels and will be in touch in the next six months.