New Regulation Alert
On the 31st July 2023, the Consumer Duty will come into effect.
It is a new regulatory framework that will set higher and clearer standards of consumer protection across financial services. It will require firms to act to deliver good outcomes for customers, taking into account their needs, characteristics and circumstances.
The Consumer Duty should benefit consumers in a number of ways.
Better products and services
Firms will have to understand their customers’ needs and provide products and services that meet those needs. This could lead to a wider range of products and services available to consumers, as well as products and services that are more tailored to their individual needs.
More transparent pricing
Firms must be more transparent about their pricing, including the fees and charges associated with their products and services. This will make it easier for consumers to compare different products and services and choose the one that is right for them.
Better customer service
Firms will have to provide better customer service, including responding to customer queries promptly and resolving any issues in a fair and timely manner. This will help to ensure that consumers have a positive experience when dealing with financial services firms.
More protection from harm: The Consumer Duty will give the FCA more powers to take action against firms that harm consumers. This could include fines, bans and other sanctions. This will help to protect consumers from being taken advantage of by unscrupulous firms.
Overall, the Consumer Duty 2023 is expected to make a positive difference for consumers. It aims to raise standards of protection and ensure that they are treated fairly by financial services firms.
Please get in touch
At YorWealth, we will obviously adhere to the new regulations. But, more importantly, the whole spirit of providing better customer outcomes is central to everything we do.
If you have any questions on this, then please contact us on 01904 623888 or contactus@yorwealth.co.uk.
The levels and bases of taxation, and reliefs from taxation, can change at anytime and are generally dependent on individual circumstances.
Trusts and Taxation are not under regulation by the Financial Conduct Authority.
Information contained in this Guide does not constitute advice. Decisions should not be made based solely on the information provided herein.
Fund values may fluctuate and can go down.
A pension is a long-term investment. Your eventual income may depend on the size of fund when accessed, interest rates and legislation. Contact us about your pension and planning for your future.
Categories: Updates
