Originally published: International Advisor, 30 May 2024
One in twelve wealth managers won’t meet the Financial Conduct Authority’s consumer duty board report deadline with fines set to rise, according to new research from Ortec Finance, a global provider of risk and return management solutions for professional investors.
The survey was conducted during April 2024 by independent research company Pureprofile which interviewed 50 UK wealth managers and financial advisers.
It revealed a significant number of wealth managers and financial advisors, (8%) are fearing their company will not meet the 31 July 2024 deadline.
The primary reasons include an inability to provide sufficient evidence of Board engagement with Consumer Duty and incomplete reviews of their approach to vulnerable customers, including assessing whether customer support meets these clients’ needs.
