It’s fair to say the UK’s financial industry has seen significant regulatory change in recent years. And perhaps predictably, 2024 promises to be no different. From stricter product and service governance to Consumer Duty and the growing scrutiny on value of advice, the coming year is set to provide both opportunities and challenges for UK advisers. Our panel of experts will discuss the opportunities and challenges for the upcoming year that will impact advisers.
One of the biggest differences, and one that is not going away, is of course Consumer Duty. Introduced earlier this year, the challenge advisers now face is how to move forward with it; ensuring these new regulations and requirements are not only fully embedded into their everyday procedures and interactions with clients, but just as importantly, it can be proven.
The Consumer Duty is a part of the FCA’s current focus – that of increasing consumer protection. This focus is only going to spread, and we are already seeing increasing attention being given to new sectors. In the coming year we will likely see greater attention being given to diversity and inclusion policies, as well as issues such as client vulnerability and the cost of living.
Retirement income advice is another area expected to provide new challenges and opportunities for UK advisers in 2024 and beyond. In Q4 of next year, the FCA will release the findings of its recent thematic review of the retirement income advice sector. As part of this focus on customer outcome, it is perhaps no surprise the retirement sector now finds itself in the spotlight, with areas such as advice fees and service governance predicted to see significant change.
As usual, it would appear the regulator has an extensive programme of policy developments planned. Knowing what these changes are and how best to both incorporate them and take advantage of them is essential for advisers wanting to succeed and grow in this ever-changing financial advice landscape.
What to know more?
Tenet Compliance Services is hosting a panel of industry experts to discuss the opportunities and challenges facing advisers in 2024. The panel includes BareRock COO, John Netting, TFAS Wealth Ltd CEO Jeff Lange, and experts from TCS’s client delivery team.