The main issue with conforming to the new consumer duty is communication with clients, according to Lang Cat founder Mark Polson.

Speaking at the Personal Finance Society’s Festival of Financial Planning this week (November 2), he discussed what the regulator’s new consumer duty framework would mean for firms

He said: “The fundamental issue is communications with clients and a lot of this isn’t [advisers’] fault.

“It has to do with the absolute barrage that most providers chuck out here, which has got nothing to do with legal requirements, which has nothing to do with compliance requirements.

“It has everything to do with ‘ass covering’ added over years and years and years.”

He said the challenge is for the providers that advisers work with to strip a lot of that stuff back.

“You simply cannot give somebody a 95 page [terms and conditions] document and think it is fine because the client can’t possibly make an informed judgement based on that,” he said.

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