Advisers unfazed by Consumer Duty but the 'real test' looms

Firms should expect greater FCA scrutiny

Sahar Nazir
clock • 1 min read

As firms prepare for closer scrutiny from the Financial Conduct Authority (FCA) in light of Consumer Duty, advisers remain largely unfazed, according to Defaqto insight consultant for platforms Darren Winfield.

Speaking yesterday (12 September) at Defaqto's Smarter Financial Decisions conference, Winfield told delegates that many advisers are still relying heavily on regulatory compliance rather than fundamental shifts in their approach. "Financial advisers say they haven't changed anything post-Consumer Duty. The real test will be when they have to report to the FCA," he said. He added that advisers are focusing more on regulation, especially around up-to-date interest rates and product governance (Prod) data, though the broader impact on consumers remains minimal for now. Defaqto insigh...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Trump pushes ahead with global 'reciprocal' tariffs, sending markets into a tailspin

Trump pushes ahead with global 'reciprocal' tariffs, sending markets into a tailspin

20% on EU, 10% on UK

Sorin Dojan
clock 03 April 2025 • 2 min read
Model portfolios continue to dominate UK adviser channel sales in H2 2024

Model portfolios continue to dominate UK adviser channel sales in H2 2024

ISS MI report reveals rising net sales with model portfolios driving growth

Sahar Nazir
clock 03 April 2025 • 3 min read
IFA buyout deal pace slows while transaction value increases - NextWealth

IFA buyout deal pace slows while transaction value increases - NextWealth

More consolidation of consolidators predicted

Jenna Brown
clock 03 April 2025 • 2 min read