What is Consumer Duty?
The Consumer Duty Act applies to UK Financial services firms operating in the UK. Consumer Duty refers to the responsibilities and obligations of financial firms towards their customers. It endeavours to ensure firms act in the best interest of the consumer and provide suitable financial advice and products.
Within the wealth management industry Consumer duty entails a commitment to act in the best interests of clients and customers, ensuring their fair treatment and financial well-being. This involves transparent disclosure of services, fees, and risks, assessing individual client needs and risk tolerance for suitable recommendations, striving for optimal trade execution, diligent research, managing conflicts of interest, maintaining ongoing communication, safeguarding data privacy, and upholding ethical standards throughout all interactions. The focus is on delivering personalised, transparent, and prudent financial guidance to enhance clients’ wealth management experience and outcomes.
Subscribe to Wealth Dynamix Newsletter to receive the best news, insights and thought leadership pieces about Client Lifecycle Management.
Wealth Dynamix is a global Client Lifecycle Management technology provider for the wealth and asset management industries.
