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<p>Requirements regarding financial adviser ongoing services started in 2013 following
the Retail Distribution Review, with additional requirements resulting from the Markets
in Financial Instruments Directive in 2018.</p><p>In February, the FCA wrote to a
number of financial adviser firms requesting information about their delivery of ongoing
services, for which their clients continue to be charged. The FCA is collecting this
information to assess what, if any, further regulatory work it may undertake in this
area.</p><p>The FCA’s new Consumer Duty seeks to set a higher and clearer standard
of care that firms owe their customers. The FCA is an independent non-governmental
body and is responsible for determining the application of the relevant rules. The
Government will continue to monitor the effectiveness of Consumer Duty rules, as they
bed in and as industry becomes more familiar with them.</p>
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