The biggest challenge consumer duty will bring for most firms is making sure everything is documented clearly to show compliance with the regulations, according to outsourcing financial services firm The Verve Group.

Speaking to FTAdviser, the group’s chief operating officer, Jo Campbell said 90 per cent of advisers are already fulfilling the objectives of the new regulation but that a big element of it will be “making sure that when the FCA comes knocking, you’ve got everything documented”.

“We deal with quite modern, forward-thinking advisers. They are already doing it, it’s just a case of is it documented correctly?

Read more in our FT Adviser article here.