Over half of advisers 'well-prepared' for UK regulator's Consumer Duty

Over half (52%) of UK advisers believe they are "well-prepared" for the imminent Consumer Duty deadline on 31 July.

This comes from a study published by Standard Life which investigated the behaviours of 100 advisers in the past two years.

Over one third (37%) admitted they could do better, and 11% felt unprepared for the Financial Conduct Authority's (FCA) Consumer Duty requirements.

Consumer Duty will emphasise the responsibility of financial advisers to act in the best interests of their clients. The FCA is pushing for greater transparency and accountability to ensure that advisers prioritise their clients' needs.

The advisers who said they are well-prepared for Consumer Duty said that they have really focused on developing their firm's capabilities in this area, including a formal Consumer Duty framework.

One adviser said that advice firms need to be able to demonstrate the value of advice. "Consumer Duty is the next big step up from treating customers fairly," they said.

Another adviser added: "I do have a concern; does more paper cause possible unintended consequences in terms of consumer understanding. More FCA guidance will probably be needed on this subject."