Consumer Duty has not helped less wealthy clients, industry agrees

The industry says it has not helped moderately wealthy access advice

Isabel Baxter
clock • 1 min read

The Financial Conduct Authority’s (FCA) Consumer Duty regulation has not helped less wealthy clients access advice, most industry respondents to a Professional Adviser survey believe.

The majority (91%) of the pundits who took part in a recent PA Asks were in agreement that Consumer Duty has not widened advice access to less wealthy clients, while one respondent said it has and 8% said they did not know. Many pundits questioned the FCA's efforts to address the needs of less wealthy clients. One argued: "In 22 years in the industry I have not seen one single thing the regulator has done that helps less wealth people access advice. "In fact, it is usually the opposite. I would say none of them know what a ‘less wealthy' person looks like, or why that person would ...

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