They are being genuinely creative about how they meet the intention behind the regulation.
If we get it right, the consumer duty could go some way to narrowing the advice gap, although it won’t do this on its own.
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We need the regulator, distributors and manufacturers to work together to drive efficiencies of scale, so that the industry can offer services at a reasonable cost to those who want advice but can’t currently access it at what they consider ‘fair value’.
Antony Champion is head of intermediaries at RBC Brewin Dolphin
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