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FT Adviser article: What does the FCA’s survey mean for ongoing services? - Paul Caine, Associate Director commentary

In the FT Adviser article titled 'What does the FCA’s survey mean for ongoing services?', our Associate Director Paul Caine DipPFS provides insightful commentary on the implications of enhanced supervision within the financial services sector.

What next after the FCA’s information request?

The FCA says it is collecting information from firms about delivery of their ongoing advice services to assess what, if any, further regulatory work it may undertake in this area.

Paul Caine, Associate Director at Thistle Initiatives, a compliance consultancy, says the focus of any further work is likely to involve a detailed scrutiny of how firms assess the value of their ongoing services in light of the consumer duty.

“Enhanced supervision might also include regular reporting requirements, targeted inspections, and thematic reviews,” Caine adds.

“If there is continued evidence that firms are not evidencing fair value, the FCA might identify the need for new rules or amendments to existing ones to ensure that ongoing services are delivered in a manner that aligns with the consumer duty.

“This could involve setting clearer standards for the assessment of service value, transparency in costs and charges, and the execution of suitability reviews.”

For a detailed analysis of this topic, we encourage you to read the full article:

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