Six months after it was implemented, over two fifths (45%) of IFAs believe the Consumer Duty has made it harder to advise clients.

Firms must engage better with ‘less engaged’ and ‘gone away’ clients as the Consumer Duty deadline on closed products looms, the FCA has said.

The Personal Finance Society (PFS), a professional body for Financial Planners, has launched a new competency diagnostic tool to help firms identify training opportunities relating to Consumer Duty knowledge gaps.

Over 10,000 financial adverts and other promotions were withdrawn or changed last year following intervention from the FCA.