Consumer Duty and fair value: where are you now?
The FCA has reiterated the importance of firms being alert to indicators of potential vulnerability
Its latest guidance provides businesses with a summary of possible circumstances Defined Benefit (DB) customers could find themselves in – such as if they have heard their DB scheme is at risk of going into the Pension Protection Fund (PPF). As the regulator defines such scenarios, it’s an important time for firms to carefully consider their approach to vulnerability for pension transfer customers. The latest information makes particular reference to:
Whilst this FCA communication is focussed on DB Transfer advice, it important that firms read across the recommendations in relation to vulnerability to other areas of advice.
As the FCA underlines the importance of firms’ proactivity in evaluating consumer vulnerability, now is the time to enlist external support to ensure your firm is meeting these regulatory obligations. TCC’s in-house Advisory team is adept in helping firms do just that, get in touch today to learn more about we can support your firm.