Advisers unfazed by Consumer Duty but the 'real test' looms

Firms should expect greater FCA scrutiny

Sahar Nazir
clock • 1 min read

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...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

From the annual review to the 'always on' adviser/client relationship

From the annual review to the 'always on' adviser/client relationship

'Regular reviews will still play an important role, but clients' lives do not follow a servicing calendar'

Tessa Lee
clock 28 July 2026 • 4 min read
Number of British millionaires drops to lowest level since 2008

Number of British millionaires drops to lowest level since 2008

Estimated number of 442,000

Sophia Panayi
clock 28 July 2026 • 3 min read
Tessa Lee: The invisible cost of poor client data

Tessa Lee: The invisible cost of poor client data

How can you improve data quality?

Tessa Lee
clock 23 July 2026 • 4 min read