TFAS Compliance Services has launched a free Consumer Duty Health Check for financial advice firms, timed to coincide with the third anniversary of the regulation coming into force in July 2023.
Consumer Duty has reshaped how advice firms operate, placing a continuous obligation on firms to evidence good outcomes for clients across products and services, price and value, consumer understanding, and consumer support.
Three years on, TFAS Compliance Services says some firms may be uncertain how robust their evidence base is and with the FCA suggesting that there may be governance gaps in many board reports, they are offering a health check to help quickly identify any remedial actions for firms.
The free health check gives firms an independent assessment of where they currently stand against the regulator's four outcomes. A structured checklist is followed by a 30 minute consultation to review progress, identify gaps, and assess the strength of existing evidence. Firms then receive a bespoke blueprint setting out where they are today and recommendations for improvement.
While developed by TFAS Compliance Services for its own members, the health check is being made available to any advice firm in the market, regardless of existing relationship with TFAS.
Richard Ardron, chief commercial officer at TFAS Enterprises, said: “Consumer Duty is one of the most significant pieces of regulation our profession has faced and whilst most firms are confident that they are meeting their regulatory requirements, fewer are confident that they can evidence it.
"Three years in, we wanted to give firms, whether they work with us already or not, a way to check where they stand, understand where the gaps might be, and know exactly what to do about them. It's about supporting our profession and the consumers that we all serve.”
