Consumer Duty work proving difficult for three-in-four advisers

The regulator’s implementation date of 31 July is fast approaching

clock • 2 min read

Three-quarters of financial advisers are not ready for the new Consumer Duty implementation, a survey by Copia Capital Management reveals.

Its poll of 74 advisors showed 64% are behind on their plans, while 8% have not yet started. The Financial Conduct Authority (FCA) expects financial advisers to implement its new Consumer Duty for new and existing products and services from 31st July 2023. The aim of these new rules is to set higher and clearer standards of consumer protection. The Duty includes the requirement for organisations to give fair value; ensure customers don't face unreasonable barriers when they want to switch products or complain and provide helpful and accessible consumer support. Financial advisers w...

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