Nearly half (46%) of financial advisers aware of the Financial Conduct Authority’s (FCA) Consumer Duty regulations will look for implementation support from their platform provider, according to recent research from abrdn.
The new Consumer Duty comes into force in July 2022, with full implementation expected by April 2023. It was first proposed in May 2021 with the intention of setting higher expectations for the standard of care that firms provide consumers. Alastair Black, head of industry change at abrdn, said Consumer Duty would be a big step change for advisers when it arrives: "It's clear that the majority of advisers are already reviewing what it means for their business, and are anticipating the need to change processes, procedures, and even hire, to ensure they are aligned." The survey of 424 U...
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