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Consumer Duty 2024

Leading the merry dance

We invite you to participate in our 2024 Consumer Duty Sentiment Survey to gauge the readiness and sentiments of financial advisers regarding Consumer Duty regulations.

Your participation is vital in understanding the industry's preparedness and challenges as we navigate this regulatory landscape. A better understanding will aid our own efforts to encourage additional support from fund managers and the FCA, where required.
1.Is your firm fully compliant with the Consumer Duty regulations?(Required.)
2.How confident are you about implementing the following Consumer Duty requirements:(Required.)
Very confident
Somewhat confident
Not very confident
Not at all confident
Don’t Know
Ensuring that communications are understood
Conducting fair value assessments
Measuring and monitoring customer outcomes
Defining your target market
Identifying vulnerable customers
3.Are you utilising any specific technology or applications to automate compliance with Consumer Duty requirements?(Required.)
4.Considering the history of ‘manufactured’ complaints against advisers to generate compensation, do you anticipate an increase in such incidents due to the introduction of Consumer Duty?(Required.)
5.Has the implementation of Consumer Duty incurred significant expenses for your firm?(Required.)
6.Have you adjusted your charges to clients to accommodate the additional costs associated with complying with Consumer Duty?(Required.)
7.Have you observed any improvements in the terms offered by your Professional Indemnity (PI) insurer since adopting Consumer Duty?(Required.)
8.Would you consider collaborating with Fund Managers to collect feedback from end investors if a) you didn't have to disclose client details to them and b) if there was no cost to you, if it assisted with your own ‘measuring and monitoring customer outcomes’ too?(Required.)
9.Do you view Consumer Duty as a necessary regulatory measure, or do you believe it to be an instance of excessive regulation?
10.Pensions Minister Mel Stride has suggested that everyday anxieties should not be classified as mental health issues, contrasting with the FCA's approach under Consumer Duty. What are your thoughts on this:(Required.)
11.How would you rate the support you have received from the FCA as you implement Consumer Duty within your firm?(Required.)
12.How would you rate the support you have received from Fund Managers as you implement Consumer Duty within your firm?(Required.)