What happened?
In an article for Money Marketing, TCC’s Senior Regulatory Consultant Andy Fouracres discusses whether firms are still relying on pre-Consumer Duty assumptions when assessing fair value.
TCC’s benchmarking study found that half of firms surveyed had no plans to change their fee model, with those firms confident their existing structure already meets the FCA’s expectations.
Why does it matter?
In the run-up to the Consumer Duty, the regulator called on firms to re-examine their charging structures to ensure compliance with the Price and Value outcome, yet the research suggests many firms are avoiding the difficult questions that exercise requires.
Firms that assume their existing fee model is compliant without fresh evidence risk falling short of the FCA’s fair value requirements.
Who is affected?
Compliance and pricing teams at regulated firms reassessing whether their charging structures meet the Consumer Duty’s fair value requirements.
Supporting sources
Frequently asked questions
What did TCC’s benchmarking study find?
That half of firms surveyed had no plans to change their fee model, believing their existing charging structure already meets the FCA’s expectations.
Who wrote this piece?
TCC’s Senior Regulatory Consultant Andy Fouracres, writing for Money Marketing.
What Consumer Duty outcome does this relate to?
The Price and Value outcome, which requires firms to assess whether their charges are proportionate to the benefits provided.
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