Consumer Duty: Why hybrid advice will become indispensable

Novel alternative advice routes are needed as soon as possible

clock • 4 min read

Andrew Storey says Consumer Duty may feel like quicksand but there is safer ground ahead

I recently read some research from CoreData that pointed to considerable disquiet among advice professionals about the effects of Consumer Duty on the business of providing financial advice and planning to clients. What really hit home is that nearly three-quarters (72%) said that the regulation will increase their cost of doing business. It also found that three-fifths (60%) expect advice fees to go up, 75% believe it will be harder to assist clients with lower value assets, and an alarming 35% think Consumer Duty will actually induce more advisers to leave the sector than happened with...

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