How the FCA's new duty of care might affect advisers

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The Financial Conduct Authority has published proposals for what it calls a "new consumer duty" which it says will set clearer and higher expectations for firms' standards of care towards consumers.

The regulator has said it is concerned about firms providing information which is misleading or difficult to understand, and products or services which don't represent value. It says it wants firms to ask themselves 'would I be happy if I were treated like this?' or 'would I recommend this service to my friends and family?'.

This week FTAdviser digital editor Damian Fantato is joined by Sally Plant, head of financial planning at the Chartered Institute for Securities & Investments, and Stefan Fura, co-founder of advice firm Furnley House.

They discuss whether the FCA's proposals are a good idea, how advisers can demonstrate they are taking their duty of care towards consumers seriously, and what changes advisers might need to make if this "new consumer duty" becomes reality.

The FTAdviser Podcast is the weekly podcast for financial advisers, brought to you by FTAdviser. Each week, FTAdviser is joined by guests from the industry to discuss the week in news and pressing industry issues.

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