The FCA’s Consumer Duty came into effect for open products and services on 31 July 2023, with a further implementation deadline of 31 July 2024 for closed products and services. This new framework has prompted many firms to enhance their practices and deliver improved outcomes for their customers. However, some firms still face challenges in meeting these elevated standards.

The Consumer Duty requires firms to act in the best interests of their retail customers, striving to deliver positive outcomes and continuously addressing any issues that could lead to consumer harm. It sets high standards of consumer protection across the financial services industry and mandates that firms prioritise the needs and well-being of their clients.

At New South Law, our expert team is equipped to support you in meeting these regulatory requirements and ensuring compliance with the Consumer Duty. Our services include:

• Managing Large-Scale Client Communications: We can assist in efficiently handling high volumes of client communication, ensuring that all interactions meet regulatory standards and enhance client relationships.
• Tracing Lost Clients: Our team can help in locating clients who have become unresponsive or difficult to reach, using advanced methods to source up-to-date contact information and re-establish communication.

Representing Clients in Recovery of Losses: We act on behalf of your clients to recover losses resulting from negligence or poor advice by previous representatives, including claims against ceding pension providers, discretionary fund managers, financial advisers, and pension or platform providers.