Guides & Support
We aim to make it easy for personal finance professionals to share and learn from consumer duty and vulnerability good practice, and support them in meeting the regulator’s expectations.
This page brings together Consumer Duty Alliance and Financial Vulnerability Taskforce publications plus relevant and practical resources from other organisations.
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Latest additions
Overview of the FCA’s Thematic Review of Retirement Income Advice
A summary of the FCA's main findings and next steps for firms.
Produced by the Consumer Duty Alliance in partnership with Legal & General (March 2024).Thematic Review of Retirement Income Advice
The FCA's findings on how the retirement income advice market is working and whether consumers are receiving appropriate advice on meeting their income needs in retirement.
Alongside the Thematic Review, the FCA published:- Retirement Income Advice Assessment Tool (RIAAT) to help personal investment firms understand how the FCA assess the suitability of retirement income advice and disclosures to consumers.
- Article on the use of cashflow modelling - Undertaking cashflow modelling to demonstrate suitability of retirement-related advice
Produced by Financial Conduct Authority (March 2024).
FCA Business Plan 2024/25
Detailing the FCA's work over the next 12 months to help deliver their Strategy's commitments.
One of their four areas of focus is ‘Protecting customers’, this includes embedding the Consumer Duty and progressing the Advice Guidance Boundary Review.
Produced by Financial Conduct Authority (March 2024).Review of firms' treatment of customers in vulnerable circumstances
The FCA's announcement of a review into how firms are acting to understand and respond to the needs of customers in vulnerable circumstances. They will share their findings by the end of 2024.
Produced by Financial Conduct Authority (March 2024).Exempt Gifts - A practical guide for consumers
This guide explains how the seven types of exempt gift work and some of the rules surrounding their use. The guide is intended to provide guidance and information, it does not
replace professional advice.
Produced by The Consumer Duty Alliance (March 2024).FVT Good Practice Guide - Understanding and supporting clients with caring responsibilities
It's estimated that around 11 million people in the UK are unpaid carers of older adults.
This Good Practice Guide provides examples of the practical actions that financial advice firms might consider, and organisations that they may refer to for valuable and timely help.
Produced by The Financial Vulnerability Taskforce (FVT) with support from Just Group (February 2024).Consumer Duty implementation: good practice and areas for improvement
This FCA publication highlights the good practice they've seen since the Consumer Duty came into force and areas they've identified for improvement.
The findings are intended to help firms review their plans against good practice and take steps to address any gaps identified.
Produced by Financial Conduct Authority (February 2024).Consumer Duty firm survey: Autumn 2023
The findings of the FCA's Autumn 2023 small firm survey. This provides a snapshot of where the 634 firms surveyed are with their implementation.
13% of firms responding had one employee, 49% had 2-9 employees, 25% had 10-49 and 13% had 250+ employees.
Produced by Financial Conduct Authority (February 2024).Consumer Duty: the art of the possible in a year
A speech by Sheldon Mills, Executive Director, Consumers and Competition, looking ahead to the deadline for closed products.
He addresses some of the challenges firms are facing and sets out expectations for firms to have a clear roadmap to comply by the 31 July 2024 deadline.
Produced by Financial Conduct Authority (February 2024).Expectations of firms selling client banks
An FCA webpage explaining their expectations of firms looking to sell a client bank, and that they will act where these lists are being sold with redress liabilities.
Produced by Financial Conduct Authority (December 2023).FCA on-demand webinar - Consumer Duty: The next steps
This FCA webinar helps firms understand their expectations now the Duty is in force. It focused on: FCA supervision and enforcement approach, Sector specific areas of focus, Examples of good practice and Next steps for firms.
Produced by Financial Conduct Authority (December 2023).Reporting on outcomes: the good, the bad and the ugly
This webinar looks at real-life examples of two organisations which are gathering consumer vulnerability and outcome data and turning that data into meaningful reports.
Produced by MorganAsh (November 2023)CDA Guide to Economic Abuse
We’re all likely to know someone who’s experiencing economic abuse, whether a friend, family member, colleague or client. This guide explains what it is and highlights useful resources.
Produced by The Consumer Duty Alliance (November 2023).Dear CEO letter - Action required: Expectations for wealth management and stockbroking firms
FCA letter setting out their assessment of this sector’s key harms and their updated supervisory priorities: preventing financial crime and meeting Consumer Duty outcomes. Letter was sent to those accountable for ensuring their firm meets FCA requirements and expectations in full and at all times.
Produced by Financial Conduct Authority (November 2023).The 2023 Nucleus UK Retirement Confidence Index
This first of its kind annual index will track UK retirement confidence over time and act as a basis for, and measure of, the success of collaborative change across the industry.
The inaugural Index score is 6.9/10 with a negative outlook. This outlook is based on the decline of defined benefit pension provision and inadequate defined contribution pots, combined with cost of living worries and low expectations around investment returns.
Produced by Nucleus Financial Platforms with adviser research by the lang cat (November 2023).Consumer Duty: Not once and done
A speech by Nisha Arora, Director of Cross Cutting Policy and Strategy, marking three months since the Duty came into force.
Produced by Financial Conduct Authority (November 2023).
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Consumer Duty - Adviser support
The Consumer Duty Board Report: Developing an effective assessment framework
New guide aims to make it easier for firms to plan, prepare and produce their first annual Consumer Duty Board Report, due 31 July 2024. It's packed with practical information and recognises proportionality for smaller firms so is suitable for firms of all sizes.
Produced by the Consumer Duty Alliance in partnership with Kroll (May 2024).Overview of the FCA’s Thematic Review of Retirement Income Advice
A summary of the FCA's main findings and next steps for firms.
Produced by the Consumer Duty Alliance in partnership with Legal & General (March 2024).Exempt Gifts - A practical guide for consumers
This guide explains how the seven types of exempt gift work and some of the rules surrounding their use. The guide is intended to provide guidance and information, it does not
replace professional advice.
Produced by The Consumer Duty Alliance (March 2024).Reporting on outcomes: the good, the bad and the ugly
This webinar looks at real-life examples of two organisations which are gathering consumer vulnerability and outcome data and turning that data into meaningful reports.
Produced by MorganAsh (November 2023)Guide to Economic Abuse
We’re all likely to know someone who’s experiencing economic abuse, whether a friend, family member, colleague or client. This guide explains what it is and highlights useful resources.
Produced by The Consumer Duty Alliance (November 2023).The 2023 Nucleus UK Retirement Confidence Index
This first of its kind annual index will track UK retirement confidence over time and act as a basis for, and measure of, the success of collaborative change across the industry.
The inaugural Index score is 6.9/10 with a negative outlook. This outlook is based on the decline of defined benefit pension provision and inadequate defined contribution pots, combined with cost of living worries and low expectations around investment returns.
Produced by Nucleus Financial Platforms with adviser research by the lang cat (November 2023).Annual Consumer Duty board reports - preparation tips
The clock’s already counting down to the 31 July 2024 deadline for firms to produce their first annual Board Report. This guide includes five tips to help you prepare.
Produced by The Consumer Duty Alliance (October 2023).The financial wellbeing of disabled people in the UK
A study of 815 disabled people looking at what ‘financial wellbeing’ means to them and the difficulties they face in trying to improve their financial wellbeing.
Produced by Personal Finance Research Centre (University of Bristol) and Research Institute for Disabled Consumers (September 2023).Consumer Duty and the Thematic Review: The impact on retirement income advice (45 min webinar)
What could advice firms consider as part of the Consumer Duty, and its close relative, the Thematic review of retirement income advice?
With Tom Carroll, Business Development Manager, Legal & General Retail Annuities and Tony Miles MBA, DipPFS, Secretariat of the Consumer Duty Alliance.
Produced by Legal & General (July 2023).Alliance publication - Establishing a framework for fair value
This means firms being able to clearly demonstrate and evidence how any product or service they provide offers fair value. It is not about the absolute level of fees charged.
Produced by The Consumer Duty Alliance (June 2023).Alliance publication - Establishing your target markets
The Duty's Products and Services outcome requires firms to prove that the products and services they distribute are designed to meet client needs, characteristics and objectives in identified target markets.
Produced by The Consumer Duty Alliance (June 2023).Alliance publication - Consumer Duty makes vulnerability work even more important
How has Consumer Duty upgraded the approach firms should take when considering vulnerability?
Produced by The Consumer Duty Alliance (May 2023).Alliance publication - How ready are you for Consumer Duty?
Key milestones for financial advice firms ahead of Consumer Duty’s implementation date 31 July 2023.
Produced by The Consumer Duty Alliance (May 2023).Consumer Understanding Report
Consumer Duty requires firms to test, monitor and evidence how well communications are understood by consumers. This report shows how the Money Alive educational toolbox and customer surveys can help firms meet this requirement.
Produced by Money Alive (May 2023).Alliance publication - Combining Consumer Duty and Retirement Income
Comment and analysis for financial advice and planning firms.
Produced by The Consumer Duty Alliance in partnership with Legal & General (March 2023).Consumer Duty Best Practice Guide
This guide sets out proposed industry good practice, together with a list of resources in the Appendix.
Produced by TISA (March 2023)
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Consumer Duty - Regulatory and government publications
Overview of the FCA’s Thematic Review of Retirement Income Advice
A summary of the FCA's main findings and next steps for firms.
Produced by the Consumer Duty Alliance in partnership with Legal & General (March 2024).Thematic review of Retirement Income Advice
The FCA's findings on how the retirement income advice market is working and whether consumers are receiving appropriate advice on meeting their income needs in retirement.
Alongside the Thematic Review, the FCA published:- Retirement Income Advice Assessment Tool (RIAAT) to help personal investment firms understand how the FCA assess the suitability of retirement income advice and disclosures to consumers.
- Article on the use of cashflow modelling - Undertaking cashflow modelling to demonstrate suitability of retirement-related advice
Produced by Financial Conduct Authority (March 2024).
FCA Business Plan 2024/25
Detailing the FCA's work over the next 12 months to help deliver their Strategy's commitments.
One of their four areas of focus is ‘Protecting customers’, this includes embedding the Consumer Duty and progressing the Advice Guidance Boundary Review.
Produced by Financial Conduct Authority (March 2024).Consumer Duty implementation: good practice and areas for improvement
This FCA publication highlights the good practice they've seen since the Consumer Duty came into force and areas they've identified for improvement.
The findings are intended to help firms review their plans against good practice and take steps to address any gaps identified.
Produced by Financial Conduct Authority (February 2024).Consumer Duty firm survey: Autumn 2023
The findings of the FCA's Autumn 2023 small firm survey. This provides a snapshot of where the 634 firms surveyed are with their implementation.
13% of firms responding had one employee, 49% had 2-9 employees, 25% had 10-49 and 13% had 250+ employees.
Produced by Financial Conduct Authority (February 2024).Consumer Duty: the art of the possible in a year
A speech by Sheldon Mills, Executive Director, Consumers and Competition, looking ahead to the deadline for closed products.
He addresses some of the challenges firms are facing and sets out expectations for firms to have a clear roadmap to comply by the 31 July 2024 deadline.
Produced by Financial Conduct Authority (February 2024).Expectations of firms selling client banks
An FCA webpage explaining their expectations of firms looking to sell a client bank, and that they will act where these lists are being sold with redress liabilities.
Produced by Financial Conduct Authority (December 2023).FCA on-demand webinar - Consumer Duty: The next steps
This FCA webinar helps firms understand their expectations now the Duty is in force. It focused on: FCA supervision and enforcement approach, Sector specific areas of focus, Examples of good practice and Next steps for firms.
Produced by Financial Conduct Authority (December 2023).Dear CEO letter - Action required: Expectations for wealth management and stockbroking firms
FCA letter setting out their assessment of this sector’s key harms and their updated supervisory priorities: preventing financial crime and meeting Consumer Duty outcomes. Letter was sent to those accountable for ensuring their firm meets FCA requirements and expectations in full and at all times.
Produced by Financial Conduct Authority (November 2023).Consumer Duty: Not once and done
A speech by Nisha Arora, Director of Cross Cutting Policy and Strategy, marking three months since the Duty came into force.
Produced by Financial Conduct Authority (November 2023).PS22/9: A new Consumer Duty
Policy Statement and Finalised Guidance
Produced by Financial Conduct Authority (July 2022).Consumer Duty – information for firms
FCA explanations, prompted by enquiries from firms, on areas of the Duty which are relevant for the wider market.
Produced by Financial Conduct Authority (updated regularly).FCA sets out 14-point action plan on cash savings
The plan aims to ensure banks and building societies are passing on interest rate rises to savers appropriately, communicating with customers much more effectively and offering better savings rate deals.
Produced by Financial Conduct Authority (July 2023).Ten key questions for firms to consider
With one month to go until the Consumer Duty comes into force, these questions can help you to identify and remedy gaps or areas for improvement in your implementation of the Duty.
Produced by Financial Conduct Authority (June 2023).Consumer Duty: Survey of smaller firms – Spring 2023
Read the results of the FCA's survey into the preparedness of 1,230 smaller firms.
Produced by Financial Conduct Authority (June 2023).Inside FCA Podcast: Explaining Consumer Duty outcomes monitoring
Hear why the FCA put these requirements in place, how firms should go about monitoring outcomes, and the processes they should use to ultimately ensure they achieve good outcomes for their customers.
Produced by Financial Conduct Authority (June 2023).Consumer Duty: Findings from review of fair value frameworks
Read the findings of the FCA's review into firms’ approaches to fair value assessments under the Consumer Duty.
Produced by Financial Conduct Authority (May 2023).Countdown to the Consumer Duty
Speech by Sheldon Mills, Executive Director, Consumers and Competition: Less than three months to go until the Consumer Duty Implementation.
Produced by Financial Conduct Authority (May2023).Inside FCA Podcast: Consumer Duty information sharing and the April milestone
Hear about the FCA's expectations for manufacturers to complete and share their products and services reviews by 30 April 2023, and the reasons behind this milestone.
Produced by Financial Conduct Authority (March 2023).Inside FCA Podcast: The consumer support outcome
Learn more about the principles behind this, its impact on the channels of support firms should offer, what 'sludge' and 'appropriate friction' mean, and how firms should review their customer journeys to help achieve good outcomes for consumers.
Produced by Financial Conduct Authority (February 2023).Consumer Duty implementation plans
Findings from FCA review of implementation plans of larger ‘fixed’ firms, which have a dedicated supervision team at the FCA.
Produced by Financial Conduct Authority (January 2023).Inside FCA Podcast: The products and services outcome
This outcome is designed to ensure all products and services for consumers are fit for purpose. Get the detail behind the outcome, the FCA's expectations (including how firms should test target markets) and the importance of identifying vulnerable customers.
Produced by Financial Conduct Authority (January 2023).Inside FCA Podcast: The price and value outcome
This outcome is an upfront examination of price and value through the lifecycle of a product as it evolves.
Learn how the FCA expects firms to assess their products and services, to ensure a reasonable relationship between the price paid for a product or service and its overall benefit.
Produced by Financial Conduct Authority (January 2023).Inside FCA Podcast: The consumer understanding outcome
Learn why this outcome is needed, FCA expectations on tailoring and testing of firm communications, and what firms should be doing to monitor and evidence understanding.
Produced by Financial Conduct Authority (January 2023).
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Vulnerability - Adviser support
FVT Good Practice Guide - Understanding and supporting clients with caring responsibilities
It's estimated that around 11 million people in the UK are unpaid carers of older adults.
This Good Practice Guide provides examples of the practical actions that financial advice firms might consider, and organisations that they may refer to for valuable and timely help.
Produced by The Financial Vulnerability Taskforce (FVT) with support from Just Group (February 2024).Vulnerability in retirement
A new guide ‘written by Tim Farmer, Clinical Director at Comentis, and Martin Lines, Development Director at Just, that explores the key areas of vulnerability and how a wide range of vulnerabilities may present themselves as people age.
Produced by Just (October 2023).The financial wellbeing of disabled people in the UK
A study of 815 disabled people looking at what ‘financial wellbeing’ means to them and the difficulties they face in trying to improve their financial wellbeing.
Produced by Personal Finance Research Centre (University of Bristol) and Research Institute for Disabled Consumers (September 2023).Seen yet sidelined
Report reveals that every 20 minutes a victim-survivor of economic abuse reports to the police and calls on government to consider how the financial services sector could support criminal prosecutions of controlling or coercive behaviour.
Produced by Surviving Economic Abuse charity (September 2023).FVT Good Practice Guide - Supporting bereaved clients and their families
Providing over 30 examples of practical actions financial advice firms might consider to help clients, and links to almost 100 organisations offering specialist support.
Produced by The Financial Vulnerability Taskforce (FVT) with support from Legal & General
(August 2023).AKG Research Paper - Protecting the Vulnerable: Navigating the Evolving Regulatory Landscape in a Post-Pandemic World
The paper appraises adviser understanding of, and readiness for, the FCA's vulnerable customers framework and how it falls under the Consumer Duty's broader remit.
Produced by AKG (May 2023).FVT Good Practice Guide - Advising and supporting clients through divorce (in England and Wales)
Guidance for financial advisers and planners on the key issues, good practice and supporting clients through this life event.
Produced by The Financial Vulnerability Taskforce (FVT) with support from Legal & General (October 2022).FVT Adviser Guide: Sudden wealth
How sudden wealth can cause vulnerability and how to adapt the advice process appropriately
Produced by The Financial Vulnerability Taskforce.Children experiencing sudden wealth: A practitioner’s guide
A guide to the issues and practicalities associated with advising clients in this particularly vulnerable set of circumstances.
Produced by Matrix Capital (April 2022).Customer Vulnerability in Later Life - online training
A free and interactive online training module with sections reflecting recent FCA publications, cognitive decline and the impact of coronavirus.
Produced by Just and Society of Later Life Advisers.Vulnerability Support Framework
This working document (registration needed) helps advisers ensure good outcomes for those in vulnerable circumstances, built around a three-step process of identification, understanding impact and then implementing appropriate support.
Produced by Commentis (April 2023).Vulnerability is not binary and why this matters
Why it’s not enough to just flag someone as vulnerable and the need to properly understand the characteristics of vulnerability.
Produced by Morgan AshDisclosing a mental health problem - new guidance
New practical guides to help firms support customers in disclosing a mental health problem.
Produced by the Money Advise Trust in collaboration with Money and Mental Health Policy Institute.Supporting Customers to Disclose a mental health problem
A set of online, practical guides to help firms support customers in disclosing a mental health problem.
Produced by Money Advice Trust.Vulnerability, GDPR and disclosure - practical guidance for advisers
A series of online guides to help firms meet data protection regulation and support customers in vulnerable circumstances.
Produced by Money Advice Trust.
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Vulnerability - Support for clients through life events
FVT Good Practice Guide - Advising and supporting clients through divorce (in England and Wales)
Guidance for financial advisers and planners on the key issues, good practice and supporting clients through this life event.
Produced by the Financial Vulnerability Taskforce with support from Legal & General (October 2022).FVT Guidance for Clients: Lasting powers of attorney
Support for clients wanting to make lasting powers of attorney.
Produced by The Financial Vulnerability Taskforce.FVT Consumer Guide: Sudden wealth
A first step in understanding key considerations and the options available.
Produced by The Financial Vulnerability Taskforce.New guide to Intergenerational Marketing – with CPD
With over £5 trillion expected to pass across the generations over the next 20 years, this represents a major opportunity for advisers. This guide, edited by John Lappin, includes insight from advisers, consultants and sector experts.
Produced by Adviser Home (May 2023)Protection from scams
Help to manage finances and avoid scams for people at risk and those who support them.
Produced by Friends Against Scams.Financial Scamming Defining Terms
This guide provides clear and concise definitions to some of the language used within Financial Scamming and highlights the warning signs of scams.
Produced by The National Centre for Post Qualifying Social Work and Professional Practice at Bournemouth University.Financial Scamming and Fraud
Developing a better understanding of this issue, seeking solutions and ways to reduce the risk of financial scamming.
Produced by The National Centre for Post Qualifying Social Work and Professional Practice at Bournemouth University.Scam Prevention and Support toolkit
This Age UK toolkit has been developed to support older people who are at a high risk of being or who have been scammed.
Produced by The National Centre for Post Qualifying Social Work and Professional Practice at Bournemouth University (January 2018).Financial abuse: spotting the signs and leaving safely
Spotting the signs of financial abuse and where to go for help
Produced by MoneyHelper.Coercion and control in financial abuse; learning from domestic abuse
Suggested strategies to reduce the risk and impact of financial abuse in our communities
Produced by National Trading Standards, Scams team (October 2022).Advance Care Planning
A brief guide to helping individuals look forward and consider the treatment and care they may require in the future - an increasingly important aspect of clinical care.
Produced by The National Centre for Post Qualifying Social Work and Professional Practice at Bournemouth University.Advance Decisions to Refuse Treatment
Suggestions on the value and use of Advance Decision to Refuse Treatment (ADRT) in society.
Produced by The National Centre for Post Qualifying Social Work and Professional Practice at Bournemouth University.Next of Kin: Understanding decision-making authorities
Clarifying the presumption that the person identified as Next of Kin has certain rights and duties.
Produced by The National Centre for Post Qualifying Social Work and Professional Practice at Bournemouth University.National Mental Capacity Act Competency Framework
Produced by The National Centre for Post Qualifying Social Work and Professional Practice at Bournemouth University.An introduction to using the Mental Capacity Act for decisions regarding clinical treatment and care
Produced by The National Centre for Post Qualifying Social Work and Professional Practice at Bournemouth University.The Mental Capacity Act requirements for clinical decisions regarding treatment and care
Produced by The National Centre for Post Qualifying Social Work and Professional Practice at Bournemouth University.The Mental Capacity Act requirements when an individual lacks the mental capacity to consent to treatment and care
Produced by The National Centre for Post Qualifying Social Work and Professional Practice at Bournemouth University.Safeguarding practice for those at risk of financial abuse from scamming
This learning tool supports people who have experienced, or are at risk of, financial abuse from scams.
Produced by The National Centre for Post Qualifying Social Work and Professional Practice at Bournemouth University.
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Vulnerability - Regulatory and government publications
Review of firms' treatment of customers in vulnerable circumstances
The FCA's announcement of a review into how firms are acting to understand and respond to the needs of customers in vulnerable circumstances. They will share their findings by the end of 2024.
Produced by Financial Conduct Authority (March 2024).Supporting consumers with pension transfers
Supporting consumers with characteristics of vulnerability when providing pension transfer advice.
Produced by Financial Conduct Authority (August 2023).Guidance for firms on the fair treatment of vulnerable customers
Produced by Financial Conduct Authority (February 2021, updated July 2021).Treating vulnerable consumers fairly
Produced by Financial Conduct Authority (July 2020, updated February 2023).Theft and fraud within families
A paper aiming to spread awareness in the general public about financial abuse, including theft and fraud.
Produced by The Financial Vulnerability Taskforce for The Insurance and Financial Services All Party Parliamentary Group.