The new year will see cost of living challenges “crystalise” and as a result advisers will need to ensure that the consumer duty is the “minimum standard” of client care, Johnny Timpson has said.

Timpson, financial inclusion commissioner and co founder of the Group for Autism Insurance Investment and Neurodiversity, told FTAdviser that 2023 will bring a hard reality for many in the UK as the impact of inflation and higher mortgage interest rates intersect with council tax increases and the end of energy bill support.

“The warnings by politicians of a tough year ahead are well founded as the Sunak and Hunt 2022 Spring and Autumn Statement changes kick in,” Timpson said.

Because of this, he has encouraged advisers to do all they can to anticipate and address customer needs, particularly when they are vulnerable.

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