A third of consumers say advice is less clear since Consumer Duty

There is ‘some work to be done' with how firms implement the rules

Sahar Nazir
clock • 1 min read

Close to a third (30%) of UK consumers who have heard of Consumer Duty feel they have received less clear financial advice in the last six months, Opinium has found.

This is despite the regulation aiming to improve clarity for consumers since being implemented in July 2023. Opinium said awareness of Consumer Duty outside of the industry is low, with the majority (71%) of consumers saying they have not heard of it. Head of financial services Alexa Nightingale said: "Six months on from Consumer Duty being brought in, the IFA polling shows there is some work to be done in terms of how supported firms feel in implementing the new rules." Despite the lack of awareness and clear advice, two thirds (65%) of IFAs believe their businesses have successfu...

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