The Personal Investment Management & Financial Advice Association (PIMFA)

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PIMFA response to FCA CP21/36: A New Consumer Duty

PIMFA response to A New Consumer Duty – Feedback to FCA CP21/3 and further consultation. As previously set out, whilst we believed there to be significant improvements which could be made to your initial proposals, our overriding concern around the Duty was not about the ability of wealth and advice firms to comply with them, but the inherent subjectivity of the Duty and in particular how it may be interpreted going forward in instances where complaints are made to the Financial Ombudsman Service
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