Advisers share top three Consumer Duty 'significant harm' risks

Under the Financial Conduct Authority (FCA) Consumer Duty framework one of the key expectations placed on firms is to avoid causing foreseeable harm to clients. Provider Aegon surveyed advisers to find out what they had discovered during their Consumer Duty compliance preparations. Advisers cited erosion of spending power through inflation, running out of money sooner than expected and having insufficient savings to meet their needs as the top three ‘foreseeable harm' scenarios. Aegon commented that retirement advice was one of the most complex areas of financial planning, with "te...