The Consumer Duty is a “watershed moment” that must be taken extremely seriously by firms offering investment services and financial advice, a senior director at the FCA has said.

Financial Planner Andrew Shepherd, currently chief executive at wealth manager Brooks Macdonald, is one of two new appointments to the board of wealth management trade body PIMFA.

Financial Planners have welcomed a “skillful” budget but warned it will hit higher earners.

Wealth management trade body PIMFA has developed a guide for firms to help them to develop their Consumer Duty implementation plan.