Consumer duty has taught advisers to write things down

Consumer duty has taught advisers to document how they help clients make informed financial decisions, according to Catriona McInally, investment specialist at M&G Wealth.

In an interview with FT Adviser following the release of M&G Wealth’s client segmentation guide for advisers on June 24, McInally explained how this strategy can assist the profession in fulfilling its consumer duty obligations.

She also reflected on what the industry has learned from the regulation nearly a year after its implementation.

“We have learned to document our processes due to consumer duty,” she stated. “I have been pleasantly surprised at how well most adviser firms have embraced consumer duty with a positive outlook.”

According to McInally, the regulation has enabled advisers to provide better advice and has allowed clients to recognize the value advisers bring to them.

“Advisers do more than just invest money and manage funds. Despite experiencing volatile markets, if advisers have properly communicated their role, the decline in funds over the past year hasn’t been an issue,” she explained.

“Instead, clients have been able to maintain or even increase their pension income this year due to the cost-of-living crisis. Advisers provide their clients with the confidence and assurance that they can maintain their standard of living and still afford their usual holidays,” she added.

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