The number of client reviews undertaken within the Dynamic Planner back-office platform have increased by 69% over the past two years due to Consumer Duty.

Consumer Duty came into force from 31 July 2023.

Recommendations linked to target markets defined on Dynamic Planner have also risen considerably by 146% since August 2023.

The number of cash flow reports generated have also been boosted, rising by 177%.

The technology provider’s Financial Wellbeing Questionnaire, launched to enable advisers to identify client vulnerabilities under Consumer Duty, has been used to profile over 12,000 clients since launch in 2023.

Chris Jones, financial services director at Dynamic Planner said: “The change in regulation has reshaped the industry, changing the way advice firms work and deal with their clients. They are using technology as a trusted partner which offers a combination of adherence, evidence, compliance, and at the same time, scale.  There’s no doubt that the level of technological evidence gathering it offers combined with spending as much or more time with clients would have been fantasy not that long ago.

“While there has been some reported detriment to the Advice Gap - that some firms have found it hard to cover the cost to serve all clients, we are confident that the FCA’s recently announced Targeted Support Proposals will go some way to alleviating that issue in the medium term. A successful regulatory environment that delivers for all is probably the most difficult jigsaw of all to complete, but the direction of travel is currently a positive one.”

Dynamic Planner claims that its data covers over 40% of the UK advice market, with the platform having £100bn of client holdings.