Peter Wordsworth discusses the challenge in advice is not as much the availability of financial products but ensuring the right individuals are matched with appropriate solutions, emphasizing the significance of consumer duty in this context.
HE highlights ongoing discussions with the Insolvency Service and FCA about integrating IVA (Individual Voluntary Arrangements) coaching with consumer duty.
Despite no immediate legislative changes due to parliamentary constraints, the focus is on encouraging informed creditor participation in IVAs.
The solution proposed involves leveraging data to build confidence among stakeholders, allowing them to support IVAs with evidence-based decisions, which could facilitate more sustainable outcomes and garner support for proposals within the regulatory framework.
Find out more about Consumer Duty Services -> Here.
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