Consumer Duty biggest challenge for 2023, say retail investment firms

Model Office fourth annual benchmark report highlights firms’ concerns

Jenna Brown
clock • 1 min read

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...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA data information request: Four focus areas for advisers

FCA data information request: Four focus areas for advisers

‘Data is not just a compliance tool it’s a strategic asset’

Chris Davies
clock 07 July 2025 • 5 min read
FCA to extend bullying and harassment rules to non-banks

FCA to extend bullying and harassment rules to non-banks

Extension will apply to 37,000 firms

Cristian Angeloni
clock 02 July 2025 • 2 min read
Regulatory necessity: Why data is no longer a 'nice to have'

Regulatory necessity: Why data is no longer a 'nice to have'

Client-led, data-driven

Paul Bruns
clock 01 July 2025 • 5 min read