One-fifth (19%) of advisers have admitted to being in the dark about Consumer Duty regulation coming into force in less than 12 months, according to research from Royal London.
The incoming rules and guidance are due to be published by 31 July 2022, with all firms needing to be fully compliant by April 2023. "It is of concern that those advisers have not heard of the new Consumer Duty and therefore won't have considered the level of change they may or may not need to make," Royal London said. The firm commissioned a survey by Opinium between 1 and 12 April 2022 with a sample of 200 UK financial advisers. The research also suggested the majority (80%) of advisers felt they were well prepared for the introduction of new standards of customer care, part of the ...
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