Among the barrage of adviser-focused research hurled at Professional Adviser’s news desk this week, Royal London and The Lang Cat’s study into the real-world impact of Consumer Duty stood out.
It found more than a third - 37% to be precise - of the 1,300 advisers it spoke to had changed their fee structure after completing the Consumer Duty fair value exercise. The research found that 21% of those asked found the changes needed were difficult and a lot of work was needed to comply, with 3% still to make the required changes. It also revealed that overall Consumer Duty was viewed as a positive change. About two-thirds (67%) of respondents agreed the work needed to carry out the fair value assessments had been worthwhile. Commenting on the study, The Lang Cat consulting d...
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