While almost 1 in 5 advisers (19%) say they haven’t heard of the new Consumer Duty at all.
Encouragingly though, seven in 10 (70%) advisers embracing the regulation and making changes to adapt are confident they’ll meet the deadline. Only 8% are concerned about the timescales.
Advisers said that ‘processes that help to shape client recommendations’ (33%) was the business area they were most likely to review or change in light of the Consumer Duty legislation. That was followed by ‘adviser to client communications’ (31%) and ‘adviser to client service’ (29%).
When preparing for the implementation of the new Consumer Duty, around half of advisers (48%) said they would look to their network for help, closely followed by providers according to two-fifths (42%) of advisers.
The clock is ticking
What’s clear from this research is that most advice firms feel well prepared to take on the requirements of the new Consumer Duty, but there are some that still have work to do to understand the changes required. The final regulations are due imminently and will help fill in the remaining detail for all firms to work through.
April 2023 may seem like a long way away, but the scale of change required across the industry could make that deadline feel like it’s approaching rapidly.
Read the research to get closer to what advisers are saying about the new Consumer Duty.
Jamie Jenkins, Director of Policy & External Affairs, Royal London