The Financial Conduct Authority is introducing new rules and guidance to make financial services work better for consumers.
The guidance places great emphasis on financial firms creating ‘good outcomes’ for consumers and putting their interests ‘front and centre’.
James Sharp is preparing for the changes and plans are in place to meet the implementation deadlines which take place at various points during 2023.
Steve Ross, Partner and Investment Advisor at James Sharp, said: “James Sharp has always been committed to helping its customers make informed decisions about their investment choices. Collectively, we have been supporting clients for more than 130 years.
“We welcome the new guidance and rules from the Financial Conduct Authority and are currently evaluating our services to ensure they meet the new Consumer Duty criteria.”
The new guidelines have been created to ensure financial firms act in good faith, avoid causing foreseeable harm, and enable and support customers to pursue their financial objectives.
Financial firms will be expected to provide the following:
Consumer Understanding
Timely and clear information about products that customers can understand so they can make informed financial decisions.
Products and Services
Offer customers products that meet their needs, rather than pushing products that aren’t suitable or needed.
Consumer support
Ensure customers are supported and consider the best ways to engage with them whether on digital platforms or non digital channels.
Price and value
Enable consumers to receive fair value.
“Firms need to understand their customers’ needs and to have the flexibility to support them with certainty of our expectations, so they get good outcomes.”
Financial Conduct Authority
Visit the Financial Conduct Authority website for more information