Consumer Duty reality: how are adviser business models changing?

We hosted the Consumer Duty Champions Forum, held by the Consumer Duty Alliance, an independent professional body, bringing together individuals and firms as they implement the FCA’s Consumer Duty requirements.

Many firms are asking for more clarity on how the Consumer Duty applies to the ‘coal-face’ of delivering financial advice.

In this Consumer Duty Champions’ Forum, Michael Lawrence and his guests discussed how the firms they work with are adapting their business models to deliver advice more efficiently and demonstrate the positive outcomes they’re delivering for their clients.

They focused on the key building blocks of good advice and how firms are adapting their propositions to meet the Duty’s requirements and deliver better outcomes:

  • Design of initial and ongoing services
  • Adviser charging models
  • Advice processes
  • Investment solutions
  • Advice delivery

The webinar provided a first-hand discussion of the practical steps firms have taken to comply with the Duty, including how technology is helping to deliver advice more effectively and efficiently.

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