Consumer Duty and lack of budget and resources have come out on top of retail investment advice (RIA) firms’ list of concerns for the next 12 months, alongside the volume and implementation of regulatory change, according to a Model Office report.
The firm's fourth annual industry benchmark report this year focuses on the compliance costs and challenges RIA firms face. Model Office surveyed 120 RIAs in September 2022 and then overlaid those responses with data from its ‘regtech' software system over the previous six months. Key findings from the report included that Consumer Duty was a key compliance concern over the next year. Budget and resource constraints were also high on the list. It also found firms were spending between six and 15 hours a week on governance, risk and compliance activities. Some 65% of time is spent o...
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