Consumer Duty Data: An Opportunity to utilise data differently

14 Mar 2023

One area that has not been widely discussed regarding the implications for the Financial Conduct Authority’s new consumer duty regulation is the additional strain it may place on relations between providers and advisers.

However, if you read through the new obligations that the FCA details in its July 2022-published policy statement (PS22/9) entitled ‘A new Consumer Duty’, there is little doubt that they demand much more of providers and platforms in terms of getting to know their customers and serving them better.

The implication is that they will only be able to ‘up their game’ for customers by accumulating greater knowledge of their financial situation, retirement ambitions, risks and vulnerabilities.

However, by placing these new obligations on providers, platforms and financial advisers in equal measure, there is a real risk that advisers will feel threatened, particularly by providers’ closer proximity to their customers.

Let us take a look at these new requirements with this potential conflict in mind and see where the pinch points might be. Then we can look at how to manage and mitigate any potential conflicts.

Read the full CPD article below.

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