The danger of being interested in the work of consumers, companies warn | So Good News
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Members of the industry have complained that there is a constant threat to consumer service, based on the advice of consultants that nothing needs to change.
The Financial Conduct Authority’s deadline for the procurement process is today (October 31) and although some advisers have said they are ready, there is growing concern among some members of the industry.
In July, the regulator released a draft policy that said it would give companies three additional months to implement the new consumer protection laws.
The story continues after the commercial
The FCA has announced that companies will have until July 31, 2023 to apply consumer protection rules to all new and existing products on sale.
However, Warren Vickers, managing director at Tenet Compliance Services, said that despite this expansion, the “grit in the oyster” is the October 31 deadline for all companies to establish their policies.
“Plans should be well documented and submitted at the request of regulators,” he said.
“However, without the pressure to provide feedback, many consultants have let the deadline slip and given themselves the opportunity to miss the deadline and proper review.
“It is true that many counselors have already been working in line with the project, but this leads to the misconception that nothing needs to change. Expectations are increasing and compliance with existing standards alone will not be enough. “
Similarly, Nathan Fryer said that as an external consultant, he is looking for ways to help consultants to follow the eighth step which is the understanding of consumers.
“Right now, as I think most advisors do, we have a signature page that clients fill out so they understand,” he said.
“We’re looking at ways to make this a better way to show customer understanding without adding too much documentation and revealing what customers have to deal with.
“In terms of consumer service, I think that most advisers do what they are supposed to do, but a lot is kept in the head of the advisers (a group of one man in particular) and although this is good, it is what method they have. instead of questioning their methods and methods ?”
Fryer said many advisors are good for their clients, and most of them won’t have much to do other than write down what they’re doing and why they’re doing it.
No changes are necessary
Speaking to FTAdviser, Matthew Walne, a chartered wealth manager at Santorini Financial Planning, said that after going through his list of consumer services, it appears that the focus is on providers rather than advisory firms.
He said: “When I reassess my plan, I don’t have to change anything.” “I just recently updated my vulnerable client, so nothing else needs to be changed or changed.
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