To help facilitate higher and clearer standards of consumer protection across financial services; requiring firms to put customer needs first
In July 2022, the FCA set out the final rules and guidance for a new Consumer Duty that will set higher and clearer standards of consumer protection across financial services and require firms to put their customers’ needs first. New Consumer Duty (PS 22/9) is likely the most important regulatory intervention in the last decade, and the scale and breadth of the Consumer Duty is ambitious.
The key elements of products and services that a firm supplies to retail consumers are represented in the Consumer Duty by four ‘Outcomes’ which are intended to provided clarity for firms complying with the new Consumer Principle 12.
The Consumer Duty Working Group brings together experts whose objective will be to understand the impacts of the new Consumer Duty on member firms, retail consumers and the wider industry. They act as a centre of expertise in relation to how the TISA initiatives related to Consumer Duty are designed to facilitate beneficial change and share best practice with the savings, pensions and investment industry, and how it impacts upon the consumer.
The group monitors and seeks to understand any proposed changes to relevant regulation and law and the likely effects of those changes, seeking clarification where necessary from FCA to establish and develop a forum for sharing best practice, and where and when appropriate publish best practice and user guides on the TISA website.
TISA has developed a good relationship with FCA and meets on a regular basis.
Please see here
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Aegon UK PLC
Allfunds Bank S.A.U
Ashurst Risk Advisory
Aviva Plc
Aviva UK Insurance
Baillie Gifford & Co
Barclays Wealth
Baringa Partners LLP
Blackrock Investment Management (UK) Limited
BNY Mellon
Broadridge Financial Solutions, Inc
Burges Salmon
Canada Life
Charles Stanley
CMC Markets Investments Limited
Columbia Threadneedle Fund Management Limited
Columbia Threadneedle Investments EMEA
Dentons
Digital Moneybox Ltd
Elavon Financial Services DAC/US Bank
Equiniti Financial Services Limited (EFSL)
Ernst & Young
Evelyn Partners
Fidelity International
Fluro
FNZ
Forester Life
Franklin Templeton
Freetrade
Gladius Assurance
Grath Consultancy Group Limited
Hargreaves Lansdown
HSBC
HSBC Bank plc
Impax
Interactive Brokers (U.K.) Limited
Interactive Investor
Invesco
Investec Wealth & Investment Limited
J O Hambro
James Hambro & Partners LLP
Janus Henderson
JPMorgan Asset Management
JPMorgan Chase
Jupiter Asset Management
Kroll
Link Group
Liontrust Asset Management
LV=
M&G Investments
Marlborough Group
MFS International (UK) Ltd
Model Office
Monzo Bank Ltd
Morningstar UK Ltd
NatWest PLC
NextWealth
Northern Trust
Novia Financial Plc
OneFamily
Optima Consulting Partners Limited
Orbis Investments (U.K.) Limited
Parmenion Capital Partners LLP
Pinsent Masons LLP
Platform One Limited
Platform Securities
Prudential
Quilter Cheviot Limited
Quilter PLC
RBC Brewin Dolphin
RBC Europe Ltd
Scottish Widows Plc
Seven Investment
Simplify Consulting
Square 4 Partners Ltd
SS&C
St James’s Place Wealth Management
Taylor Wessing
Tenet Group
Tesco Bank
the lang cat
Thesis Asset Management
Unbiased Limited
Valu-Trac Investment Management Limited
Vanguard Asset Management Ltd
Walbrook Partners
WealthKernel Limited
Wellhouse Consulting
Willis Towers Watson
Worksmart Limited
Yealand Fund Services Limited
Lisa Laybourn, Head of Technical Policy and Risk leads on this work at TISA