Consumer Duty drives half of firms to stop serving clients

The Lang Cat dubbed this phenomenon an ‘accidental advice gap'. Overall, for all firm sizes, the average stood at 11% and the average age of affected clients was 54. For over a third of such firms, this meant clients were completely offboarded. Others reported recommending clients to lower-value focussed firms, as well as passing them on to younger advisers or keeping an "off record" or "no obligation" relationship going. "The need to fully review clients on an ongoing basis, when their relatively unchanging circumstances simply don't require it, makes a number of ‘smaller clients' un...