The Personal Finance Society has welcomed confirmation from Chancellor Jeremy Hunt that the EU’s Packaged Retail and Insurance-based Investment Products (PRIIPS) regime will be replaced with a new UK-focused regime.

In this exclusive column, Matthew Connell, director of policy and public affairs for the Personal Finance Society, looks at why the Consumer Duty is not the 'be-all and end-all' for Financial Planners this year. This edited article first appeared in Financial Planning Today magazine (July-Aug issue).

The Consumer Duty is set to come into force for new and existing products in July. Many firms will already be putting their customers first and be compliant with Consumer Duty but the cost-of-living crisis has underlined the importance to all firms of placing clients at the heart of their business agenda.

In this exclusive column for Financial Planning Today magazine, Dr Matthew Connell, director of policy and public affairs at the Personal Finance Society, unravels the FCA's new Consumer Duty.