Consumer Duty threatens to widen advice gap by 1.5 million

In total, the impact of the Consumer Duty regulation could see about 1.5 million clients become non-advised, significantly adding to the advice gap. This is according to The Lang Cat's ‘The Advice Gap 2024' report, released yesterday (3 July). This would be a "significant" addition to the advice gap, The Lang Cat said. Currently, 9% of the population receive advice meaning 91% of people do not. The Lang Cat's findings were based on responses from 219 financial advisers. Source: The Lang Cat At the extreme end, a small proportion of advice firms reported having already cut mor...