The problem was that it was always about the advice and never the product. Now the shift is about vulnerability. A pointer to what the outcome of consumer duty can be found in the Winter 2023 review of the FCA membership.
In H2 Winter 2023, 792 firms joined the register along with some 9,596 individuals.
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To the same H2 Winter 2023 date 6,684 firms de-authorised seeing 14,715 individuals calling time on a regulated life.
This surely must send a message to the FCA?
Should it be that advisers are beyond disappointed?
And how much should advisers continue to endure before they are, themselves, seen as vulnerable?
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