Carla Brown, president of the Personal Finance Society
The Personal Finance Society has produced a new good practice guide for the Consumer Duty, consolidating key resources for financial advisers.
The guide has been produced to consolidate the PFS’ resources to support financial advisers with evidencing compliance.
The guide recommends technology solutions to help with compliance with the Duty. These include the use of software systems to document client reviews, AI to transcribe meetings and the adoption of robust customer relationship management systems.
It also links to existing concepts and templates created by regulators and professional bodies, including the PFS Consumer Duty toolkit for management compliance.
There are also fair value statement templates for initial and ongoing advice, and vulnerable client checklists.
Carla Brown, President of the PFS, said: “Financial advice firms and professionals have consistently highlighted the time and cost associated with compliance under the Consumer Duty guidelines.
"The PFS Good Practice Guide on Complying with the Consumer Duty in a New Regulatory Environment aims to support firms by consolidating key resources that will optimise the reporting process, while ensuring best practice.”
The PFS Good Practice Guide on Complying with the Consumer Duty in a New Regulatory Environment is available to download online.
The guide is one of several published for financial advisers recently by the professional body.
Other recent guides include one on recognising and acting on economic abuse, published in January.
