The role of Regulators and CPD in Financial Services
Cotswold Independent Financial Services Ltd. is authorised and regulated by the Financial Conduct Authority. Financial Advisers also need to complete a minimum of 35 hours of continuing professional development (CPD) each year and works towards professional standards. This is essential in a fast-moving environment where our team needs to be current in terms of the options available to our clients and how these correlate to the latest Government regulation.
The industry is scrutinised on an ongoing basis to ensure the customers best interests are acted upon. Regulators play a key role with a significant and increasing focus on financial services firms’ approach to consumers. In the UK this involves considering customers’ experience of providers, distributors and advisers for their entire “journey”, a rising expectation for regulated firms to act in customers’ best interests, and to recognise the different needs, vulnerabilities and difficulties experienced by some in accessing solutions (FCA, 2017 Financial Capability Board, 2015 The G20 Partnership for Financial Inclusion, 2017, referencing the regulator’s approach to consumers and its research into people’s financial lives).
Over recent decades a lot of work has been done to improve perceptions of the industry through increased regulation, transparency and commitment to excellence. This is helpful as more of the population could benefit from professional financial advice.