Will Consumer Duty put restricted advice under pressure?

How important is independence when seeking advice?

clock • 4 min read

Dominic House looks at restricted advice through the lens of Consumer Duty and asks if the new regulation will increase pressure on the model

When we look for advice, we are likely to reach out to someone who understands the subject, someone who understands us and our goals, and probably someone who understands the risks of any potential options we have. What about independence? You would assume that when we look for advice, whether that's from a family member, a friend or a colleague, that they don't have a vested interest in a particular outcome. That may well affect the advice we receive. There are, of course, advantages and disadvantages to both depending on an individual's goals and needs but it does beg the question o...

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 Consumer Duty

Model Office launches automated Consumer Duty board report

Model Office launches automated Consumer Duty board report

Comes as the 31 July deadline looms for advice firms of all sizes

Isabel Baxter
clock 16 May 2024 • 1 min read
Data analysis critical as Consumer Duty annual report deadline looms

Data analysis critical as Consumer Duty annual report deadline looms

Firms of all sizes must complete Consumer Duty report by 31 July

Jenna Brown
clock 15 May 2024 • 3 min read
Advisers told 'show your workings' in first Consumer Duty report

Advisers told 'show your workings' in first Consumer Duty report

Consumer Duty was not a 'once and done' scenario

Jenna Brown
clock 15 May 2024 • 3 min read