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PIMFA WEEKLY NEWS BULLETIN 24 July 2023
Financial Advice Business Benchmarks PIMFA has partnered with the Chartered Institute for Securities & Investment (CISI) and Nextwealth to create the Financial Advice Business Benchmarks survey for 2023. This is your opportunity to share what is changing across financial advice businesses and we would encourage you to fill out the survey, which should take between 20-30 minutes to complete and can be returned to across different sessions – your progress will be saved along the way. A link to the survey can be found here and all participants will receive a free copy of the report.
Consumer Duty Corner: Top tips for firms 1.
Listen to the Financial Conduct Authority (FCA) – The series of
Consumer Duty communications (e.g. the latest podcast on how firms need to monitor outcomes) set out the FCA’s expectations. Firms should ensure their firm focus aligns to the Regulator’s key priorities of delivering fair value and good consumer outcomes. 2.
Be able to effectively answer the FCA's ten key questions – The
questions taken from the finalised guidance provide a good indication of the FCA’s focus post implementation – consider them carefully to identify any gaps or areas of improvement.