Dunstan Thomas new Whitepaper flags Consumer Duty risks for advised platforms

25 Jan 2023

Dunstan Thomas has published a new whitepaper about the threats and opportunities the Financial Conduct Authority’s Consumer Duty poses for adviser platforms. The paper also looks at how product providers within the pensions space will fare under the new rules.

The Duty comes into force from the end of July 2023 and has four key client outcomes centred on:

• products and services
• price and value
• consumer understanding
• consumer support

Today (25 January), the FCA warned that some firms may struggle to apply the Consumer Duty six months before its implementation. The Dunstan Thomas whitepaper said the Consumer Duty places new outcomes-orientated demands on pensions market participants. And they include extending better support to customers and ensuring that they hold savings in suitable products, asset classes and underlying investments.

Any support should also reflect the clients’ current risk appetite and financial objectives. Pension providers and platforms will need to check that documentation has been read and understood. And if consumers need more support, then the Duty also requires they act on this to provide contact centre support.

Read the full whitepaper here The Full Article

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