🚩price and value;
🚩consumer understanding; and
🚩consumer support.So what is the benefit, if any, for firms?The focus on outcomes should mean there is more flexibility for firms to compete and innovate in the interests of consumers. Firms that get consumer outcomes right should see rewards in the marketplace. And firms that do the right thing should welcome stronger action to tackle competitors who drive down standards.
At Wi-Ai we strongly support these principles – and we also know that demonstrating compliance with new regulatory requirements is a substantial additional demand on advisory firms at an already challenging time.
We believe that, for Financial Advisers, being able to give the right advice means having access to the right tools, so you and your client truly understand your client’s decision-making biases when it comes to their own financial needs and objectives. And the benefits of this ultimately including saving time for both advisers and clients, as potential misunderstandings are avoided before they are created.
Do you feel you could benefit from extra tools that aid you in this process, without creating complex additional administration for your firm? Contact us via https://wi-ai.net/contact/
The rules embodying the “Consumer Duty” require firms to put even more focus on supporting and empowering their clients and customers to make good financial decisions.
It goes without saying that many firms were already doing this .
However, the new rules make clear the FCA’s high expectations of firms regarding: