The independent advice model will become “increasingly important” in 2023 as advisers seek to adhere to the Financial Conduct Authority’s consumer duty, ValidPath has said.

Commenting on the key themes that will impact the advice industry this year, the adviser network outlined how it believes regulation, innovative technology, increasing numbers of advisers retiring and independence versus consolidation will be the big talking points in 2023.

ValidPath chief executive, Angus MacNee said increasing regulation will mean senior managers in firms’ will have “a lot of additional responsibility on their shoulders”.

In 2022, the appointed representatives regime and consumer duty both began their implementation periods.

As part of the AR regime, the regulator established a department to manage oversight and tackle harm posed by appointed representatives and their principles.

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