The Financial Conduct Authority (FCA) has today (15 February) written to 20 of the UK’s largest advice firms to request information on their ongoing advice service in line with the Consumer Duty.
The watchdog has asked for data on the number of clients due a review of the ongoing suitability of the advice as part of the service, how many clients received that review and how many paid for ongoing advice "but whose fee was refunded as the suitability review did not happen". The FCA's survey also asks advice firms how they are assessing their ongoing advice service and whether they have made any changes since the Consumer Duty regulation was implemented last year. "The FCA is collecting this information to assess what, if any, further regulatory work it may undertake in this area...
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