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Clock Ticks Louder For UK Advisors As Consumer Duty Looms – Multrees

Tom Burroughes

21 July 2023

Wealth managers aiming to comply with the UK’s new Consumer Duty regime in just over two weeks’ time face a challenge to be ready, activity. In fact, it may increase competition. Merger activity almost always creates spin off new entities of advisers who believe the acquiring entity does not provide the best outcomes for their clients, and therefore they leave and setup new independent entities.  In some ways this sort of competition and focus on the consumer is the point of the regulation,” Fisher said. 

Talking more generally about how wealth management is evolving, with mergers of some firms as they go for scale, and the continued existence of boutiques, Fisher noted that ultimately, what wealth management is about, and what Multrees does to support their clients is “selling trust” – and Consumer Duty is central to this.