New Consumer Duty │ Raising the bar

The FCA has announced a game-changing shift in the industry with its new Consumer Duty, and we're ready to embrace it. From communication procedures to staff training, we're determined to raise the bar and set a new standard for quality.

At Investment Quorum, the client is at the heart of everything we do. And as an independent wealth management firm, we are regulated by one of the most stringent bodies in the country: the FCA. But we never shy away from tighter regulation – on the contrary, we welcome it. And that includes the new Consumer Duty.

What is the Consumer Duty?

It's a new set of rules developed by the FCA designed to set a higher standard of care for consumers. Essentially, it's an outcomes-based approach that will help us prove to you – the client – that what we are doing is working.

Tighter rules and regulations can often be a source of annoyance and create additional work. But in this instance, we welcome them because they will help us to make absolutely certain that the service we deliver to you is tailored to meet your needs. In short, the Consumer Duty will enable us to continue to develop products and services that will help you achieve your goals.

So, what does the Consumer Duty mean for you?

Well, for us, it means that we are going to be held to a higher standard. So you will be a beneficiary of that. The four outcomes underpinning the new legislation describe the service that you can expect from us… and the results that we are committed to delivering.

Credit: Reuters/Toby Melville

The four outcomes

  • Communications – we will provide clear and easy-to-understand information about our products and any associated risks so that you can make informed decisions.
  • Products and Services – we will ensure that the products and services you receive from us cater to your specific needs, characteristics and goals.
  • Client Service – whenever you need advice, want to make changes to your portfolio, or have any concerns, we will be responsive and easy to contact. You can be confident that we will always address your needs with the utmost care and attention.
  • Price and Value – the services you receive from IQ will always reflect the benefits that we advertise. We will provide a fair charging structure and protect you from unreasonably high fees and charges.

We believe that when we discuss the advantages of our products with you, we also ensure that you have a clear understanding of all their terms and conditions, as well as an awareness of the risks inherent to investing. Our aim is to ensure that you have an ongoing and evolving understanding of what you have purchased from us. If necessary, we will proactively recommend that you switch to a more appropriate product or investment strategy.

Vulnerable clients

IQ has always gone to every effort to protect our clients against the risk of making unwise decisions, but the Consumer Duty further formalises our commitment in this regard. We have put in place detailed plans for identifying any unique points of vulnerability that you might have, as well as addressing them when you check in with us. We know that different clients require or prefer different channels and modes of communication, and we will always provide you with choices so you can access the support you need in the best way for you.


The Consumer Duty is going to mean an increased level of scrutiny regarding pricing models. We're ready for this, and we want to make absolutely certain that we comply with the FCA so that our costs do not create barriers to entry for any type of client. Personal characteristics shouldn't make certain types of products less accessible, and so we want to show how our pricing structure works to create a level playing field for all potential clients.

Survey incoming…

We're committed to ensuring that you get the outcomes you want and deserve. We're excited about the Consumer Duty because it's going to help us do that even more effectively. At the end of this month, you will have the chance to give us your own anonymous feedback in a survey. We'll be listening to what you think, feel, and need from us, and using your feedback to make improvements.

Author Picture
Petronella West
Chief Executive Officer
Petronella West is the CEO of Investment Quorum. She supports clients with tailored financial advice and wealth management, oversees the company's strategic vision and direction, and frequently comments in the press and at conferences.
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