One third of consumers say advice is less clear since Consumer Duty

61% of advisers report having less time to advise clients

Sahar Nazir
clock • 1 min read

Close to one third (30%) of UK consumers who have heard of Consumer Duty felt they have received less clear financial advice in the last six months, Opinium has found.

This is despite the regulation aiming to improve clarity for consumers since being implemented in July 2023. Opinium said awareness of Consumer Duty outside of the industry was low, with the majority (71%) of consumers saying they have not heard of it. Alexa Nightingale, head of financial services, Opinium, said: "Six months on from Consumer Duty being brought in, the IFA polling shows there is some work to be done in terms of how supported firms feel in implementing the new rules." Despite the lack of awareness and clear advice, two thirds (65%) of IFAs believed their businesses h...

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