'The single biggest force shaping advice business models': Three years of Consumer Duty

As Consumer Duty nears its third anniversary, it's an opportune time to reflect on the mark it has left on the financial advice market.  Every year, our Financial Adviser Business Benchmarks (FABB) research asks advice firms which regulatory change is driving the most transformation in their business. In 2025, 45% cited Consumer Duty.  When we first asked in 2023, most firms could not call it. More than a quarter (28%) said it was too early to tell, and a third (38%) expected no impact. By 2024, that changed: more than two-thirds (67%) had improved client data and over half (58%) had ...