Tag: Consumer Duty

On July 31 last year, the long-awaited Consumer Duty legislation came into effect in the UK, following months of preparation and industry attention.

The Consumer Duty, introduced by the FCA, has notably heightened consumer protection standards within the financial services sector. According to FullCircl, as we passed...

The FCA has recently completed its review on how PEPs, including Members of Parliament, public servants, and their relatives and close associates (RCAs), are handled by financial services.

More than a third of financial services businesses in the UK have been penalised for failing to meet regulatory compliance demands over the past year, highlighting a significant challenge within the industry.

The Financial Conduct Authority (FCA) has recently mandated that financial institutions, including banks, payment firms, and lenders, enhance their protocols to ensure fair treatment of politically exposed persons (PEPs).

The FCA has published findings from a study which indicates the use of digital engagement practices (DEPs) by trading apps can influence user behaviour, increasing trading frequency and risk-taking among consumers.

Consumer Duty has now been live in the UK for several months. Wealth management firms spent many resources preparing themselves to be ready for...

As we delve into the initial months of 2024, the wealth management sector stands at the cusp of transformation, propelled by technological advancements and a challenging economic landscape.

After coming into effect on July 31 this year, the Consumer Duty regulation is still being regularly debated within the financial industry in the UK.

Economic uncertainties have seen Western economies grapple with challenges such as high-interest rates, amidst geopolitical issues like the war in Ukraine. This ripple effect has significantly impacted the wealth management sector.