Majority of advisers ‘well prepared’ for new customer care standards

Four out of five (80%) financial advisers feel they are “well prepared” for the introduction of new customer care standards, as part of the FCA’s Consumer Duty Guidance.

Research carried out by mutual insurer, Royal London, revealed that of those who are prepared, over half (53%) also believe they will only need to make small changes to their business to comply.

The new rules and guidance are due to be published by 31 July 2022, with all firms needing to be fully compliant by April 2023. The FCA has previously stated the legislation will deliver a “fundamental shift” in the approach to regulation by raising the bar on delivering good outcomes for customers.

However, Royal London’s research found that a quarter of advisers (27%) aren’t considering making any changes. At the other end of the scale, a small group of advisers (2%) anticipate making significant levels of change.

Royal London’s study, based on responses from 200 UK financial advisers, also found that one in five advisers (19%) have not even heard of the new Consumer Duty and therefore won’t have considered the level of change they may or may not need to make.

Furthermore, the findings indicated that seven in 10 (70%) advisers making the regulatory changes to adapt are “confident” they will meet the deadline. Just 8% of advisers are harbouring any concerns about the timings, the study suggested.

“Advisers are undoubtedly well placed to understand customer outcomes, and it’s reassuring to see that most advisers expect their business to comply with the Duty on time,” commented Royal London director of policy, Jamie Jenkins.

“What is of concern is the number of advisers who are either unaware of the new rules coming into force, have yet to read the consultation paper or don’t believe it will add any value to consumer outcomes.”

    Share Story:

Recent Stories


FREE E-NEWS SIGN UP

Subscribe to our newsletter to receive breaking news and other industry announcements by email.

  Please tick here to confirm you are happy to receive third party promotions from carefully selected partners.


NEW BUILD IN FOCUS - NEW EPISODE OF THE MORTGAGE INSIDER PODCAST, OUT NOW
Figures from the National House-Building Council saw Q1 2025 register a 36% increase in new homes built across the UK compared with the same period last year, representing a striking development for the first-time buyer market. But with the higher cost of building, ongoing planning challenges and new and changing regulations, how sustainable is this growth? And what does it mean for brokers?

The role of the bridging market and technology usage in the industry
Content editor, Dan McGrath, sat down with chief operating officer at Black & White Bridging, Damien Druce, and head of development finance at Empire Global Finance, Pete Williams, to explore the role of the bridging sector, the role of AI across the industry and how the property market has fared in the Labour Government’s first year in office.


Does the North-South divide still exist in the UK housing market?
What do the most expensive parts of the country reveal about shifting demand? And why is the Manchester housing market now outperforming many southern counterparts?



In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.

The new episode of The Mortgage Insider podcast, out now
Regional housing markets now matter more than ever. While London and the Southeast still tend to dominate the headlines from a house price and affordability perspective, much of the growth in rental yields and buyer demand is coming from other parts of the UK.

In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.