There will be some “trial and error” as advisers get to grips with what fair value means under new consumer duty regulations which come into force next week. After a year of preparations advisors will have to comply with new consumer duty regulations.
Mike Ward from the team spoke to the FT about what this means, read it here.
It has taken a geopolitical crisis, the exposure of massive fraud around COVID payments and the rise of crypto for it to hit home why anti-money laundering and fraud checks matter at every level. Government and regulators are reacting to increasing financial crime by mandating more checks for more firms in more sectors.
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Payments and e-money firms in the UK will need to begin complying with the Financial Conduct Authority’s (FCA) new Consumer Duty regulation, with experts suggesting that it will bring new challenges.
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