Regulation poses biggest issue with advice gap

"The average adviser cannot solve the advice gap"

Jaskeet Briah
clock • 3 min read

Regulation has been cited by financial advisers as the biggest issue with the advice gap, with 55% of advisers having stopped serving clients as a result of Consumer Duty, according to research by The Lang Cat.

The consultancy launched the latest edition of its study, The Advice Gap 2024, which surveyed 2,000 UK individuals and over 200 advice professionals on The Lang Cat's advice panel. In the study, advisers said that regulators and the Government had the most responsibility to close the advice gap, with personal responsibility coming in third. Meanwhile, customers thought that this is primarily an issue that sits with the Government. Additionally, 34% of advisers said that while the Financial Conduct Authority's (FCA's) proposals for simplified advice was not something they could offer, ...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Adviser / Broking

Howden Employee Benefits COO expands remit following Barnett Waddingham deal

Howden Employee Benefits COO expands remit following Barnett Waddingham deal

Supporting UK and international growth ambitions

Jaskeet Briah
clock 17 September 2026 • 2 min read
Most client meetings happen without one of the advised couple present

Most client meetings happen without one of the advised couple present

More than half of clients said they hold the adviser relationship in their name only

Laura Miller
clock 17 September 2026 • 2 min read
Mortgage and insurance firm Campden Brook launches

Mortgage and insurance firm Campden Brook launches

Developing its own route into the profession

Jaskeet Briah
clock 16 September 2026 • 2 min read