FCA research shows brokers outperforming financial services on Consumer Duty understanding
Detailed research by the Financial Conduct Authority has revealed brokers are ahead of the financial services industry on almost all metrics of Consumer Duty understanding.
The Consumer Duty, which affects new and existing products and services that are open for sale or renewal marks a seismic shift in the FCA’s expectations. It comes into force on 31 July.
Understanding elements of the Consumer Duty Cross-cutting rules – brokers 81%, all firms 73% Products and services – brokers 95%, all firms 87% Price and fair value – brokers 94%, all firms 87% Consumer understanding – brokers 93%, all firms 88% Consumer support – brokers 92%, all firms 86%The
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