As businesses continue to embed Consumer Duty into their governance structures, processes and procedures, we’re asking people across Parmenion how they think the new regulation is changing the financial services sector.
Next up is Graham Roberts, Senior Compliance Manager. Over to you, Graham…
1. What team do you work in?
The Risk, Compliance & Oversight team, so I’ve been watching the development of Consumer Duty closely and for some time now. I’ve been involved since the FCA published their first consultation papers and long before our working group was formed.
2. How are you applying the new regulation to your work?
I’ve spent much of the last year working with people across Parmenion, helping them to understand why Consumer Duty is important to our industry and how it can be applied to our daily working lives by adopting small changes to how we work.
I’ve also been keeping a close ear on any developments, not just from a regulatory perspective, but also across the industry to make sure that our approach is well aligned.
3. How has Consumer Duty changed your approach to working in Client Services?
I wouldn’t say that Consumer Duty itself has changed my approach to working in Compliance, but the sheer scale and broad scope of the change has certainly demanded a different approach, compared to some of the more technical or focused pieces of regulatory change that I’ve dealt with in my career.
4. How do you think Consumer Duty will help advisers or customers?
Despite the sometimes bad reputation the retail investments market may have, most businesses are trying to do the right thing for advisers. I’m hopeful that Consumer Duty improves some of the more problematic areas, but I also hope that we’ll see better customer outcomes in other areas of Financial Services.
5. What does Consumer Duty mean to you?
Consumer Duty is asking firms to raise the bar in how they deal with their customers, and demands that businesses always try to improve their services - resting on their laurels is no longer good enough.
This article is for financial professionals only. Any information contained within is of a general nature and should not be construed as a form of personal recommendation or financial advice. Nor is the information to be considered an offer or solicitation to deal in any financial instrument or to engage in any investment service or activity.
Parmenion accepts no duty of care or liability for loss arising from any person acting, or refraining from acting, as a result of any information contained within this article. All investment carries risk. The value of investments, and the income from them, can go down as well as up and investors may get back less than they put in. Past performance is not a reliable indicator of future returns.