TFAS Compliance Services has launched a free Consumer Duty Health Check for advisers to coincide with the third anniversary of the regulation coming into force.
Consumer Duty was introduced in July 2023 to deliver better outcomes for retail customers, with a focus on preventing foreseeable harm, acting in good faith and supporting customers to meet their financial goals.
The consumer duty health check will provide advice firms with an assessment of where they stand against the regulator’s four outcomes. A structured checklist is followed by a 30-minute consultation to review progress and identify gaps in compliance.
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.”
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