Consumer Duty to 'drive product innovation' and help close advice gap

LiveMore looks at what the rules mean in practice in its latest white paper

Sahar Nazir
clock • 1 min read

Consumer Duty will help “drive product innovation” through fair value assessments that are “better aligned to optimal consumer outcomes” particularly for people aged 50 to 90.

This is according to LiveMore's latest white paper released today (12 July) titled  ‘Consumer Duty: why later life lending is about to change forever'. The white paper looks at what Consumer Duty rules mean in practice, and what it can do for later life lending. The mortgage lender said that Consumer Duty may help with narrowing the advice gap. It said that 30 million people in the UK cannot access the financial advice they need.  It also noted only one-in-five 50-64-year-olds have had access to a financial adviser when accessing their pension. It comes after recent research published...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Consumer Duty

Assessment of value: Unintended Consumer Duty consequences

Assessment of value: Unintended Consumer Duty consequences

All parties now have an obligation to consider the value of their proposition

David Ogden
clock 14 June 2024 • 3 min read
Consumer Duty: How firms should prepare for the 31 July deadline

Consumer Duty: How firms should prepare for the 31 July deadline

'A discussion on what gaps exist would seem sensible'

Catriona McInally
clock 10 June 2024 • 4 min read
FCA should name firms that miss Consumer Duty report deadline

FCA should name firms that miss Consumer Duty report deadline

First Consumer Duty board report deadline is 31 July

Jenna Brown
clock 10 June 2024 • 2 min read