Consumer Duty has not helped less wealthy clients, industry agrees

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 ...