The company reported a surge in adviser reports generated, reaching over 100,000 per month in June. Data analysis covering the 40% of the UK advice market it serves showed a 100% year-on-year increase.
The Financial Conduct Authority’s Consumer Duty, which aims to set higher standards for consumer protection across the financial services sector, came into force last July.
The FCA has also recently intensified efforts regarding ongoing charging structures for clients and ensured that advisers are conducting annual suitability reviews.
Dynamic Planner noted that the demand for annual reviews and cash flow reports has grown the fastest.
The company added that technology has enabled advisers to become more efficient, significantly reducing the time spent reviewing and creating reports.
Chris Jones, chief product officer at Dynamic Planner, commented: “The Consumer Duty brought sweeping changes across the advice industry, and over the past 12 months, firms have been working hard to comply with the guidance provided. We understand that any change or innovation takes time, and we are committed to supporting our clients throughout this process to help them achieve their objectives and avoid harm.”
