PFS introduces Consumer Duty good practice adviser guide

Guidance to help firms carry out Consumer Duty in a practical way

Julia Bahr
clock • 4 min read

The Personal Finance Society (PFS) has published a good practice guide for financial advice firms setting out the Financial Conduct Authority’s (FCA) Consumer Duty expectations in support of the watchdog’s flagship regulatory reform.

The new Consumer Duty, which started with a campaign by the Financial Services Consumer Panel to create a statutory ‘duty of care' in 2017, appears at several levels in the regulator's handbook, according to the PFS. The professional body explained that at the highest level, the FCA summed it up in a new principle, elaborated in cross-cutting obligations: ‘A firm must act to deliver good outcomes for retail customers.' Instead of introducing new rules, the Consumer Duty listed four outcomes, against which firms should judge their impact on consumers. Price and value: covers el...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

Julia Bahr
Author spotlight

Julia Bahr

More on Regulation

The COVER Review: Consumer Duty changes, a new protection club and healthcare updates

The COVER Review: Consumer Duty changes, a new protection club and healthcare updates

Week commencing 29 September 2025

COVER
clock 03 October 2025 • 1 min read
FCA to streamline Consumer Duty requirements

FCA to streamline Consumer Duty requirements

Regulator to consult on changes to rules in H1 2026

Sahar Nazir
clock 01 October 2025 • 2 min read
Firms face challenges producing Consumer Duty board reports: CII

Firms face challenges producing Consumer Duty board reports: CII

Data is a key roadblock

Cameron Roberts
clock 26 September 2025 • 2 min read