Golden Oak Wealth Management are proud to have joined the Consumer Duty Alliance.
The Consumer Duty, introduced by the Financial Conduct Authority (FCA), came into force on 31 July 2023 and is centered around setting higher and clearer standards of consumer protection in financial services.
The Duty means that you should get:
- the support you need, when you need it;
- communication that you understand;
- products and services that meet your needs and offer fair value.
The Alliance has been set up in turn as a not-for-profit, independent membership body that aims to support the personal finance sector in the adoption and implementation of the FCA’s Consumer Duty requirements, through the alliance of like-minded individuals and firms.
The Consumer Duty Alliance also incorporates the Financial Vulnerability Taskforce and the adoption of the Financial Vulnerability Charter. This is a separate body, whose ultimate purpose is to promote greater UNDERSTANDING, encourage appropriate BEHAVIOURS and establish GOOD PRACTICE in respect of consumer vulnerability.
It too acts as an informed source of positive influence on policy makers, professionals and the general public alike. We hope that professionals working across the personal finance sector are increasingly seen as a ‘safe pair of hands’, especially by those who find themselves in vulnerable circumstances.