Advice firms have voiced their concerns about the lack of progress the sector has made towards the products and services outcome as part of the Consumer Duty.

These concerns were highlighted in early findings from The Lang Cat’s State of the Advice Nation (SOTAN) study, which found that 34 per cent of advice firms felt progress efforts had been ‘a waste of time’ and ‘nothing has changed’.

Furthermore, more than half (55 per cent) said that there was more work to be done in meeting the products and services outcome.

The Lang Cat said that many respondents spoke about the need for real support from providers on pressing issues, such as transfers and letters of authority, that would drive positive change for them and their clients, as well as the wider industry.

Consumer Duty was having a “tangible impact” on firms, the study found, with 38 per cent of respondents having changed their fee models and a further 21 per cent saying this was under consideration.

Advice firms were also looking ‘closely’ at their client base, at segmentation and their profitability.

Commenting on the findings, The Lang Cat insight director, Steven Nelson, said: “I'm absolutely delighted to say that we now have the privilege of analysing and publishing the richest data set we've ever had for any of the seven SOTAN editions.

“It’s also really encouraging to see an increase in the number of paraplanners and those new to the advice profession taking part and having their voices heard.

“The early analysis has again highlighted the impact of Consumer Duty and the view on providers has clear read across to our recent service impact study.

“Here the overwhelming majority of advice professionals state that poor service is having a significant impact on their day-to-day life.”

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