Five potential impacts of Consumer Duty
NextWealth predicts what will happen after the FCA’s regulation is implemented
Consumer Duty
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Defaqto to roll out Consumer Duty profiles
They will help advisers carry out due diligence, target market and value assessments
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Trade body tells advice firms not to be ‘Consumer Duty Zombies’
As it marks 28 days until the deadline to comply with the regulatory regime
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21% of clients think advisers don’t understand their behavioural biases
But they should be taken into account as part of the much-anticipated Consumer Duty rules
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43% of advisers see AI tech as a threat to their business
As one-fifth say they are fully prepared for Consumer Duty
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Five ways Consumer Duty will impact advisers and investment managers
Adviser community has always ‘adapted to new ways of working’
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FCA issues fresh warning over impending Consumer Duty deadline
Requirements will come into effect on 31 July
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How ongoing suitability review costs are plaguing advice firms
Companies are considering strategies to manage their lower-value clients
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Consumer Duty will not change the advice world overnight
Schroders’ Gillian Hepburn says it will take time for the incoming regulation to have same impact as RDR
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Will the Consumer Duty lead to an increase in advice fees?
Regulation is giving firms an opportunity to re-evaluate their charges
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Most advice firms ‘don’t want to be a platform’
Morningstar Wealth’s Mark Sanderson says it is hard enough just being an adviser
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73% of advisers not ready for Consumer Duty implementation
As 8% say they haven’t started working on the regulation