Lyndhurst are proud to be part of the Consumer Duty Alliance
We have been following and implementing the required changes to meet our regulator the Financial Conduct Authority’s (FCA’s) recent rule changes and guidance called the Consumer Duty. The Consumer Duty sets higher and clearer standards of consumer protection across financial services and requires firms to put their customers’ needs first. The Consumer Duty includes a new Consumer Principle that “a firm must act to deliver good outcomes for retail customers”. The Consumer Duty means consumers should get communications they can understand, products and services that meet their needs and offer fair value, and they get the customer support they need, when they need it.
To help demonstrate our understanding of the consumer duty to existing and potential clients and our commitment to the core consumer principle of delivering good customer outcomes for retail clients we have joined the Consumer Duty Alliance.
Members of the alliance will adhere to the following code.
The Consumer Duty Alliance Code of Professional Standards
These seven underlying principles of professional advice are designed to help consumers understand the standards and behaviours they should expect from an Alliance Member. Members of the Consumer Duty Alliance shall:
- Act in good faith in all dealings with clients.
- Always avoid causing foreseeable harm to clients.
- Inform, empower and support clients to pursue their financial needs, objectives and aspirations.
- Fully disclose, clearly explain and consciously mitigate any conflicts of interest identified in our dealings with clients, including where commercial interests might conflict with a client’s best interests.
- Only offer products or services that are both suitable and needed, offering fair value and transparent pricing.
- Ensure clients receive the support they need, when they need it.
- Embrace a focus on customer vulnerability including adherence to the Consumer Charter of the Financial Vulnerability Taskforce.
You should always feel empowered to make informed decisions, and never feel reluctant to ask questions or request more time if you’re unsure.
Before proceeding, always take time to consider recommendations or seek an alternative opinion, even if from family and friends. Professional advisers will always want you to be confident in the advice given and recommendations made.
To find out more you can download our consumer guide to the consumer duty alliance.
