Majority of advisers fear Consumer Duty will widen advice gap

FCA set to explore simplified regimes in bid to close the advice gap

Isabel Baxter
clock • 2 min read

The majority (58%) of financial advisers have said the Consumer Duty regulation will result in an increased advice gap, according to research from Quilter. 

The research from Quilter, conducted with Boring Money among advisers, found that only 10% believe that Consumer Duty will reduce the advice gap with a further 28% believing it will have no effect at all and 4% being unsure. The data also showed that there is a deviation in the perceived impact when it comes to whether you are a directly authorised (DA) or a network adviser. Around 62% of DA advisers forecast an increase in the advice gap, compared with 52% of advisers in networks. Regionally, the survey found advisers in the north of the UK more likely to foresee an increased advi...

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

Advisers have changed servicing approach since Consumer Duty

Advisers have changed servicing approach since Consumer Duty

Including changes in approach when dealing with vulnerable clients

Isabel Baxter
clock 15 July 2024 • 2 min read
Clients and customers largely unaffected by Consumer Duty

Clients and customers largely unaffected by Consumer Duty

'Firms often don't know where to start, but it is always with the data'

Cameron Roberts
clock 10 July 2024 • 1 min read
Consumer Duty: The lessons we can learn from its first year

Consumer Duty: The lessons we can learn from its first year

Consumer Duty board report comes with specific challenges

Stuart O’Sullivan
clock 03 July 2024 • 3 min read