FCA asks advice firms for information on ongoing charges and Consumer Duty

FCA has asked 20 large financial advisory firms for information on whether, and if so how, they have assessed their delivery of ongoing services against the Consumer Duty. The survey follows on from a letter FCA sent to firms at the end of 2022 and probes whether firms are properly considering the relevance, nature and costs of providing ongoing services to clients.

As well as exploring whether firms have made changes to their processes to comply with the Consumer Duty, FCA has asked for data on numbers of clients who are due for, receive and pay for a review of ongoing suitability of advice.