More than a third (37%) of advice firms have changed their fee structure after completing the Consumer Duty fair value exercise, Royal London and The Lang Cat have found.
The research found that 21% of those asked found the changes needed were difficult and a lot of work was needed to comply, with 3% still to make the required changes. Overall, it showed the Consumer Duty to be a positive change with over two thirds (67%) of respondents agreeing the work needed to carry out the fair value assessments has been worthwhile. The research also highlighted that only 20% of adviser firms have issued updates to their clients about the Consumer Duty, and more specifically on fair value, 39% of adviser firms have not mentioned it at all, and 41% have only menti...
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