As a reminder, the Duty is built around three crosscutting rules: firms must act in good faith; avoid causing foreseeable harm; and enable and support customers to pursue their financial objectives. This means clients must be protected not just today, but in any future scenario.
Ensuring continuity of advice and service is therefore no longer a‘ nice to have’ – it’ s an essential part of meeting regulatory expectations.
The duty of care we have to clients extends beyond our day-to-day activity. Clients must continue receiving the services they need and pay for, even if circumstances change within the firm.
A firm could fail to meet regulatory requirements, poor business management could lead to closure, an adviser could suffer serious illness or die unexpectedly, or retirement might arrive without a succession plan in place. Any of these scenarios can leave both the business and its clients exposed. This is exactly why every firm needs a robust business continuity plan.
A continuity plan isn’ t simply a regulatory tick-box exercise. It is a practical tool designed to protect both the business and the clients it serves. A strong plan should include a robust regulatory framework, effective governance and business management, and clear client protection arrangements in the event of an adviser’ s absence.
It should also include a well-defined retirement or exit strategy, whether that involves internal succession, selling the business, or transferring a client bank. Whatever the route, the key principle is that clients should continue to receive an equivalent level of service.
Futureproofing your business is no longer optional. The Consumer Duty has raised the bar for all firms, and clients quite rightly expect certainty about the continuity of their advice.
Ultimately, it’ s about raising standards, strengthening firms and enabling continuity for consumers. When those things are in place, both the business and its clients are protected for the long term. The firms that plan early and invest in resilience will not only protect their clients, they will also build stronger and more sustainable businesses.
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