Advisers have come out on top when it came to implementing consumer duty measures, a Financial Conduct Authority review has found.
The regulator reviewed more than 600 companies six months on from the introduction of the new rules in July 2023.
It found 97 per cent of firms in the advisory and intermediary sector had a named person or team responsible for ensuring it met the requirements of consumer duty.
It also found 88 per cent of firms had carried out fair value assessments, this compared with the 71 per cent average of all firms the regulation applied to.
When it came to discussing consumer duty requirements with other firms in the supply chain, firms had generally made less progress.
Here, just 55 per cent of advice and intermediary firms said they had completed this, though this was higher than the average across sectors of 38 per cent.
The FCA also looked at small firms specifically, breaking this group down to smaller firms with up to nine employers, and larger with up to 49 employees.
Looking at challenges of the regulation for this group, outcomes monitoring was the one firms cited as being the most difficult.
Here, 25 per cent of smaller firms and 29 per cent of larger firms marked this option.
However 40 and 47 per cent, respectively, said none of the aspects had been difficult to implement.
The FCA carried out the study between September and October 2023.
On Tuesday (February 20) Sheldon Mills, executive director of consumers and competition at the FCA, said the watchdog has "identified there is still much room for improvement" relating to consumer duty.
He highlighted two areas for concern: price and value, and closed products - an area where the FCA gave companies an additional 12 months to get their processes in order.
Mills said: “In terms of closed products, Mills said: "We know many firms have applied their laser focus on open book products ahead of the consumer duty coming into force.
"But the clock is also ticking for closed products which will come under the scope of the consumer duty at the end of July."
tara.o'connor@ft.com
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