As firms prepare for closer scrutiny from the Financial Conduct Authority (FCA) in light of Consumer Duty, advisers remain largely unfazed, according to Defaqto insight consultant for platforms Darren Winfield.
Speaking yesterday (12 September) at Defaqto's Smarter Financial Decisions conference, Winfield told delegates that many advisers are still relying heavily on regulatory compliance rather than fundamental shifts in their approach. "Financial advisers say they haven't changed anything post-Consumer Duty. The real test will be when they have to report to the FCA," he said. He added that advisers are focusing more on regulation, especially around up-to-date interest rates and product governance (Prod) data, though the broader impact on consumers remains minimal for now. Defaqto insigh...
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