Doing our Duty: Advisers live up to burden of regulation

'Value is a difficult metric to identify and quantify'

clock • 3 min read

The introduction of the new Consumer Duty rules placed an enormous burden on firms across the financial advice sector. Carl Lamb believes that it has been worth the effort...

There is no doubt that achieving compliance with Consumer Duty rules created a huge workload for every advice firm in the UK. There will inevitably be some firms who have seen it as a tick-box exercise but for the vast majority of us, it has seen us spend long hours examining our processes in minute detail and making sweeping changes to what we do and how we do it. At Smith & Pinching, we have calculated that we've spent in excess of 600 man-hours on our Consumer Duty project. As a result, we are definitely delivering better value to our clients. Yes, it has been worth it, but at a cost....

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