By Steve Conley, Academy of Life Planning
For the first time since records began, the number of clients receiving ongoing financial advice in the UK has fallen.
According to new FCA data, advisers switched off ongoing services for 335,286 clients in 2024, a dramatic spike from the previous year.
Headlines attribute this to the Consumer Duty.
But the deeper truth is more uncomfortable for the industry:
If these clients were not viable to serve under the Duty now, were they ever truly receiving value for money?
The FCA has revealed that firms delivered promised suitability reviews in 83% of cases. Fifteen per cent were chalked up to “client non-engagement”, and fewer than 2% showed no attempt at all. But this tells us only that something was sent — not whether it was meaningful, personalised, or constituted fair value.
The central question remains unanswered:
For years, did hundreds of thousands of clients pay ongoing fees for a service that was never truly delivered?
This is the fee-for-no-service scandal hiding in plain sight.
And Consumer Duty has simply exposed it.
1. The Unspoken Issue: Value for Money Was Never Measured
Under the Consumer Duty, value is not about quantity — it is about quality, relevance, and impact.
The FCA’s 83% figure gives us no insight into:
- how many of those reviews were templated,
- how many were automated,
- whether recommendations aligned with client goals,
- whether clients understood what they were paying for, or
- whether advisers had regular contact, check-ins, or care.
If a firm now says a client is “no longer economic to serve”, the obvious inference is that many were not being served economically before.
Clients paid.
Firms collected.
But value? Who knows.
That’s where fee-for-no-service claims become legitimate.
2. Defensive Barriers: The £250 Ombudsman Fee That Protects Firms, Not Consumers
Consumer redress should be simple.
Instead, the industry has created a new barrier:
A £250 FOS fee for legally-assisted complaints.
The justification?
To prevent “vexatious” claims.
The effect?
To shield providers from scrutiny.
And to deter claims precisely at the moment when hundreds of thousands of clients may have unknowingly suffered harm.
But there is a way around it — and it requires no lawyers.
3. The Solution: AI-Enabled Self-Representation (No £250 Fee)
AI has already entered the mainstream.
According to Lloyds Bank, 56% of Brits use AI for their finances.
Six in ten now use ChatGPT.
This changes everything.
A client can now conduct a full Consumer Duty–aligned assessment by simply asking:
“My ongoing advice fee is £X per year, paid from [year] to [year].
My experience of the service was as follows…
Might I be due compensation for fee-for-no-service?”
ChatGPT can then:
- Analyse the case against FCA rules.
- Identify whether harm is plausible.
- Draft a complaint letter to the firm.
- Analyse the firm’s response for deflection or DARVO.
- Draft a FOS complaint — with no £250 fee, because the consumer is not legally represented.
This is justice at the speed of thought.
Independent AI → independent financial justice.
Something the old system was never designed to provide.
4. But What Happens to the 335,286 Clients Now?
This is the question the industry is ignoring.
These clients didn’t suddenly stop needing help with:
- retirement planning,
- pensions,
- investments,
- mortgages,
- budgeting,
- inheritance,
- life choices,
- transitions,
- purpose,
- well-being.
They were offloaded because the model no longer made them profitable — not because their needs went away.
When Consumer Duty raised the bar, firms raised the drawbridge.
These people now represent the country’s advised diaspora:
a population who paid for advice but were denied continuity.
They deserve better.
5. The Alternative: Planning My Life (PML) and Financial Life Coach (FLC)
For those now outside the regulated advice system, there are two clear pathways:
Planning My Life (PML)
For people who want to become their own financial planner — with structured templates, guided processes, and AI co-pilots that empower them to plan their life before planning their money.
Financial Life Coach (FLC)
For people who want human support — but without the opaque fees, lock-ins, or dubious “ongoing service” charges.
Clients can dial up or down from:
- zero,
- occasional sessions,
- hourly guidance,
- periodic reviews,
- full support (when needed).
No products.
No commissions.
No conflict of interest.
Just transparent, human-centred planning.
6. But Here’s the Bigger Story: A National Network Ready to Help
The Academy of Life Planning isn’t simply promoting PML and FLC.
We are shining a light on the hundreds of Academy-trained Holistic Wealth Planners offering:
- purpose-first planning,
- human-capital development,
- life-before-money frameworks,
- transparent pricing,
- subscription models,
- values-aligned coaching,
- and truly “ongoing” service that meets the spirit of Consumer Duty.
Where the old system retreats, our community steps forward.
This is not a commercial land grab.
It is a structural correction.
A redistribution of trust.
A chance to replace extraction with empowerment.
7. The Consumer Duty Paradox: The Industry Shrinks as the Need Grows
The financial advice market is contracting precisely when society needs planning the most.
People are overwhelmed by:
- complexity,
- inequality,
- uncertain pensions,
- cost-of-living pressures,
- market volatility,
- and the emotional, spiritual, and practical tensions of modern life.
The old model cannot scale to meet this need.
It was never designed for everyone.
It was designed for affluent financial-capital holders.
The new model must be something else.
A profession, not an industry.
A movement, not a market.
A community, not an intermediary.
8. A Path Forward: Empowerment Through Purpose, Planning, and AI
Consumer Duty has exposed the cracks.
AI is illuminating the truth.
And the exodus of clients is creating a once-in-a-generation shift.
In this moment, we have a responsibility to offer a better alternative:
- People over products.
- Purpose over profit.
- Transparency over obfuscation.
- Human capital over financial capital.
- Empowerment over extraction.
The Academy of Life Planning stands ready to serve the advisers who want to evolve — and the public who want to reclaim control of their financial future.
The future is not about assets under management.
It is about autonomy under guidance.
The old world charges for access.
The new world teaches people to access themselves.
Ready to explore a fairer, more human way to plan your life and money?
If you’ve been offloaded by your adviser, feel unsure about the value you’ve received, or simply want a planning approach built on purpose, transparency, and empowerment — we’re here to help.
The Academy of Life Planning supports individuals and families through
- self-directed planning (PML),
- guided expert support (FLC), and
- a global network of Holistic Wealth Planners who put your life before your money.
📩 Contact the Academy of Life Planning to find out which approach is right for you.
Let’s rebuild your financial confidence — on your terms.
Academy of Life Planning 