The Personal Finance Society (PFS) has published new guidance that consolidates Consumer Duty resources to support advisers with evidencing compliance.
The PFS Good Practice Guide on Complying with the Consumer Duty in a New Regulatory Environment is available here.
The PFS noted the current regulatory environment is ‘characterised by heightened scrutiny and challenge.’
In response, the guidance recommends technological solutions to ‘enhance accessibility and improve service delivery’.
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These include the use of software systems to document client reviews, AI to transcribe meetings, and the adoption of robust customer relationship management systems.
The PFS Consumer Duty toolkit is recommended for management compliance. It provides fair value statement templates for initial and ongoing advice, and vulnerable client checklists.
The Personal Finance Society Code of Ethics is suggested as a resource for consistent reference, as it requires professionals to act in the best interests of each client.
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Carla Brown, president of the PFS, said: “Financial advice firms and professionals have consistently highlighted the time and cost associated with compliance under the Consumer Duty guidelines.
“The PFS Good Practice Guide on Complying with the Consumer Duty in a New Regulatory Environment aims to support firms by consolidating key resources that will optimise the reporting process, while ensuring best practice.”
