The Consumer Duty is no more challenging to advisers than any other part of the financial services sector, according to Sheldon Mills, executive director for consumers and competition at the FCA.
At a press briefing outlining how it the duty will be implemented, Mills told journalists he did not see that it posed any specific challenge over and above other parts of the industry.
“For an advice journey, you need clear communications,” Mills (pictured) said.
“You need clear support. And you need clear upfront discussion of the product so I think all of the elements of the duty are in line with supporting and improving the adviser community.
“We want to see improvements in the adviser community because we know that people having advice allows them to take healthy financial decisions and investments.”
However, when discussing the speed of the implementation of the new rules, Mills acknowledged that despite an extension: “It still will be challenging for the industry.”
“We recognise that and that’s why we will do our best to support them in terms of this implementation and we think 12 months strikes a fair balance,” he added.
Discussing the incoming rules in April, the regulator pledged to be open with the industry about its approach.
“We will be clear with firms about what we expect to see and the actions they should take,” it said.
