The UK's Financial Conduct Authority (FCA) has written to a number of financial advisory firms asking for information on ongoing services, i.e. continuing to charge customers after advice has been provided。

In the survey, the FCA asked companies whether they had evaluated their ongoing services in response to the introduction of consumer responsibility and whether any changes had been made as a result.。

It also requested data on: how many clients were required to review the ongoing suitability of the consultation as part of the service; how many clients were reviewed; and how many clients paid for the ongoing consultation but were refunded for not conducting a suitability review。

The FCA is gathering this information to assess possible further regulatory work (if any) in this area.。The FCA expects to provide further updates after considering the responses from these companies.。

About 20 of the largest consulting firms were surveyed in order to gain the widest possible understanding of market practices, and the selection of these firms was not based on any particular focus on these firms.。

In a letter sent in December 2022, the regulator said it would do some cross-company work in this area.。In this letter, the FCA sets out its concerns that the consulting firm has not fully considered the relevance, nature and cost of these ongoing services to all its clients.。

Another letter, issued in January 2023, explained how the consulting firm should approach the upcoming Consumer Responsibility, reminding companies that the responsibility requires companies to treat customers in good faith, avoid foreseeable harm to customers, and help and support customers to achieve their financial goals.。