The pension industry reacts to Consumer Duty

3rd August 2022

The FCA's Policy Statement titled 'A new Consumer Duty' sets out the final rules and guidance for the new 'Duty' which sets higher expectations for the standard of care firms give consumers.

The Financial Conduct Authority expects firms to implement the new Consumer Duty within 12 months from 31 July. While the deadline was slightly extended, the new rules will apply to every authorised business. In this article, Money Marketing surveys the pension industry for its take on the new piece of regulation.

Consumer Duty

Adrian Boulding, Director of Retirement Strategy at Dunstan Thomas, gives his thoughts on the subject.

While IFAs have always tried to do the best for their clients, now that the new FCA Consumer Duty requires them to be able to demonstrate this, I expect to see much greater use of modelling tools and technology in pensions so as to create a clearly documented audit trail of what’s been looked at and why.

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