Consumer Duty 'makes it harder for advisers to serve the mass affluent'

Speaking at technology provider Seccl's ‘Gradually, then Suddenly' report event, Vanguard head of UK client group Doug Abbott argued that the Financial Conduct Authority's Consumer Duty regulation is unintentionally pushing advisers away from serving the mass affluent client base. "Advisers are pushing clients away who have £200,000 in investible assets," he said. "The regulation makes it too difficult for them to serve this client base." Abbott noted that Consumer Duty has been a net benefit for investors, particularly in improving investment propositions, but an unintended consequen...