More than a third of advice firms believe there has been no progress towards the Consumer Duty’s products and services outcome.

A study from financial services consultancy The Lang Cat has highlighted adviser frustration with the lack of progress made by the sector.

When asked to rate progress, more than a third (34%) of advisers said efforts had been “a waste of time” and “nothing has changed”, while more than half (55%) said there’s more work to be done.

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Many respondents to the annual survey talked about the need for support from providers on pressing issues like transfers and Letters of Authority that would drive positive change for them and their clients, as well as the wider industry.

The data also showed that the Consumer Duty is having a tangible impact on firms, making them look closely at their client base, at segmentation and their profitability. Almost two-fifths of advice respondents (38%) said they have changed their fee models, with a further fifth (21%) saying it’s under consideration.

The data has been published as part of the consultancy’s State of the Advice Nation study, with the full report due to be published in February next year.

Steven Nelson, insight director at The Lang Cat said: “The early analysis has again highlighted the impact of Consumer Duty and the view of providers has clear read across to our recent service impact study.

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

He said the early findings coincide with a 25% jump in response rates for the study compared to last year, with 501 respondents.

• The Lang cat’s State of the Advice Nation study covers a range of topics including technology, regulation, fees and how individuals feel about their own businesses and careers. It takes a role-specific view of the profession, capturing insight from a range of perspectives including business owners, paraplanners and those newer to the profession.