The proposed consultation to assess the Duty’s impact on wholesale providers reflects a similarly constructive approach—engaging stakeholders to identify growth barriers and collaborating with policymakers to raise industry standards together.
Importantly, focusing on growth and bridging the advice gap should not come at the expense of professional standards or consumer protection and building public confidence and trust remains essential for sustainable progress. Recent Aviva research found a marked increase in clients’ perceived value of financial advice two years after Consumer Duty’s introduction, highlighting how outcomes-based regulation provides a strong foundation for client-centric, sustainable industry growth. As regulatory frameworks mature and desired outcomes are achieved, it is both natural and necessary for firms to streamline processes that add little or no value to the Duty’s four outcomes.
PROGRESS THROUGH SIMPLER REGULATION
This message of simplification was a key theme at the recent FCA Regulatory Summit, attended by CDA Board member and Financial Vulnerability Taskforce Chair, Robin Melley. The summit’s session, ‘Streamlining the rulebook to help consumers and support growth,’ invited sector-wide input on the FCA’s March Feedback Statement. There was clear enthusiasm for approaches that support competition and innovation—while firmly upholding consumer protection.
We remain committed to working with the FCA and policymakers to deliver practical solutions that align with the government’s growth agenda, maintaining a strong balance between robust standards and regulatory efficiency.
READ THE CDA'S RESPONSES TO THE MANSION HOUSE SPEECH:
WOMEN IN PERSONAL FINANCE SURVEY
The initial findings of our YouGov-managed survey were published on 22nd July and can be downloaded here. Commissioned by our Women’s Wealth Alliance (WWA) working group, the research highlights a very positive outlook for women in personal finance careers—citing high satisfaction with flexibility, support, and career opportunities.
Additionally, the FCA’s latest data request now includes specific questions about the proportion of women in certain roles within financial firms and the number of female clients served. This is in recognition that a gender-balanced advice sector—reflective of client demographics—is essential to growth objectives, especially in light of women controlling 60% of UK wealth by the end of this year. An in-depth white paper covering full findings and data-led action points will be published this autumn.
CDA/FCA FOUR NATIONS TOUR
Following a break over the summer, we are back on the road for our conference in Newcastle on 10th September, followed by venues to the west of London and in Glamorgan, Wales.
All events offer insightful and business relevant content, as well as the direct interaction with the regulator that has received such positive feedback from over 1,000 attendees at previous CDA events. You can also hear from subject matter experts and practitioner sessions, all with a focus on practical takeaways for smaller advice firms.
Visit our Events page for the full agenda with timings, and information on speakers and our event partners.
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To be recognised as a true profession - raising standards together we evolve!
Very best wishes,
Keith Richards, CEO, Consumer Duty Alliance
