Royal London’s biannual adviser survey also revealed that the same percentage have changed their approach when dealing with vulnerable customers.

Other key changes in services in the past year include 27% of advisers saying they have increased the frequency of client feedback requests with 15% reducing the number of clients on their books.

Some 13% say they have also changed investment approach.

Around one in ten advisers (13%) said their firm had changed nothing as a result of Consumer Duty.

When asked to what extent they felt Consumer Duty had met its intended objectives in the market as a whole, there was mostly positive sentiment with 52% saying it had met or exceeded its objectives.

However, one in five advisers (23%) said they did not believe the Duty, which introduced a requirement to ensure fairness to clients at all stages of the customer journey, had met its objectives and a quarter of respondents were unsure.

Jamie Jenkins, director of policy at Royal London, said: "With the first anniversary of Consumer Duty approaching, it’s interesting to get a snapshot of the impact on adviser businesses and overall perception of whether it has been a success.

“Generally, the change feels positive among most respondents though we can’t ignore the 23% of advisers who don’t think it has met its objectives. It’s a difficult one to speculate on, but we do know of adviser firms who felt they were already meeting the requirements so perhaps some don’t think the change in regulation is relevant to them.”


He said the advisers the company speaks to are, overall, very supportive of the Consumer Duty and what the regulator is trying to achieve in delivering good outcomes for clients.  

Mr Jenkins added: “The Consumer Duty is arguably the most significant piece of regulation we have seen for nearly 20 years, seeking to make a cultural shift for the whole industry from simply treating customers fairly, to treating them well. It has undoubtedly led to changes in the market already, and if it hits its mark, it will significantly improve trust in financial services.”