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, ...
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