Financial adviser firms have, on average, completed 75% of their Consumer Duty transformation changes, according to a new survey.

The figure has come from firms scoring themselves on progress after completing one of the Consumer Duty Alliance’s free self-assessment diagnostic tools.

The not-for-profit industry group, which supports advisers with their Duty commitments, said firms were “progressing well” with their journeys.

The Alliance offers free tools to help firms assess their progress against the FCA’s Consumer Duty requirements. One scores activity across 10 areas, including the four pillars of Consumer Duty, and allows firms to assess, quantify and easily report on Consumer Duty readiness. It also assesses their propensity to drive client-centric growth.

Within the 10 areas, the highest score was seen for consumer support, with an average score of 82%. That encompasses consumer-facing staff being fully-trained to ensure good consumer outcomes, ease of contact, friction-free digital experiences, and effective complaints procedures.

The research revealed that there was most work to do in relation to consumer advocacy at 53%. That includes firms undertaking an advocacy audit and having a programme in place to build authentic and sustainable advocacy.

Keith Richards, CEO at the Consumer Duty Alliance, said: “It’s positive to see firms progressing well with their Consumer Duty journeys, which has been publicly recognised and commended through evidence gathering by the FCA, albeit with continued signposting of where firms could be doing better.

“We are also seeing that the Duty has proved to be a positive catalyst for firms across the Alliance to innovate and make ongoing improvements, that will also result in increased business growth and sustainability.”

He said delivering against the Duty has required a lot of operational transformation and remains an ongoing journey of evolution for most.

“It was never intended to be a ‘one and done’ exercise, he said. Being able to evidence self-assessment on outcomes-based regulation and additionally document remedial action where further enhancements can be made, is something the FCA continues to look for.”

The Consumer Duty Alliance has more than 20,000 members and 100 affiliates and was set up to help advisers with their commitments to the FCA’s new Consumer Duty which was launched in March 2023.

The Alliance states its purpose is to inspire greater confidence and trust in the financial advice sector.