With the Consumer Duty just days away, a new report suggests that one in seven IFAs is unclear about what 'good customer outcomes' look like.

Some 70% of IFAs also complain that the FCA has been unclear during the process of developing and implementing the new rules.

The FCA's new Consumer Duty will arrive on 31 July and bring with it a new set of requirements to do 'no harm' to consumers and ensure fair treatment of customers at all stages of the customer journey.

Some 66% think the regulator has been unhelpful and 62% unresponsive, according to the study from insights and research agency Opinium. 

A slight majority (54%) also thinks the FCA has been unreasonable.

Almost half of IFAs are more concerned about the risk of complaints, investigation, or penalties – with 10% feeling much more concerned - with the FCA warning it will act much faster and more assertively where firms fail to meet the requirements of the Duty. 

Meanwhile consumers have little or no idea about Consumer Duty. Less than a quarter (23%) have heard of it, although 12% of the group admitted that they still don’t know what it is. Almost three quarters (72%) have never heard of Consumer Duty.

Awareness is greater among those who receive financial advice, with almost three in five (58%) having heard of the Duty.

Alexa Nightingale, head of financial services research at Opinium said: “Consumer Duty affects all financial services firms, many of which will be required to make major changes to adhere to the new rules.

"With the deadline approaching in a week’s time, it’s worrying that 15% of IFAs don’t feel clear about advising clients on what good customer outcomes look like, with a more substantial number being concerned about the potential ramifications they could face.

“Feedback on the FCA’s role has not been glowing so far, so it will be interesting to see how the first few weeks of the Duty play out, and whether the FCA can paint itself in a more positive light among the adviser community.”

Opinium Research carried out an online survey of 200 financial advisers, between 12 May and 18 July.