A large number of advisers are feeling frustrated about the lack of progress towards the Consumer Duty’s Products and Services outcome, says the lang cat.
Early analysis of its State of the Advice Nation study found that over a third (34%) of firms indicated efforts had been a “waste of time” and “nothing has changed”, while more than half (55%) stated that more work needs to be done.
Many respondents expressed a need for more support from providers on issues such as transfers and Letters of Authority that would drive positive change for them and their clients.
On a more positive note, the lang cat said the Consumer Duty is having a tangible impact on firms. Nearly two-fifths (38%) have changed their fee models, while a further 21% say it’s under consideration.
The full report will be published in February 2025.
Steven Nelson, insight director at the lang cat, said: “The early analysis has again highlighted the impact of Consumer Duty and the view on providers has clear read across to our recent service impact study. Here the overwhelming majority of advice professionals state that poor service is having a significant impact on their day to day life.”
