Majority of advisers to pass on Consumer Duty costs to clients

Survey reveals concerns about the impact of Consumer Duty on fees

Sahar Nazir
clock • 1 min read

The majority of advisers (63.9%) will pass on any increased business costs associated with Consumer Duty to their clients, a study shows.

In a survey carried out between late February and early April 2023, Panacea Adviser asked 136 advisers about the impact of the Financial Conduct Authority's Consumer Duty and whether they were prepared for it. The Consumer Duty, which is set to take effect on 31 July, has raised concerns among advisers regarding the potential impact on their business operations and the subsequent financial burden on their clients. The survey also revealed that 16.7% of advisers said they will not apply any increased business costs, while 16.7% said they are unsure. Moreover, 2.8% of advisers did no...

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 Your profession

7IM platform upgrade adds flexible fee structure

7IM platform upgrade adds flexible fee structure

Upgrade said to open up advice to ‘new cohort’

Sahar Nazir
clock 23 July 2024 • 2 min read
M&G Wealth Investments signs up to Mabel Insights MPS comparison site

M&G Wealth Investments signs up to Mabel Insights MPS comparison site

Mabel Insights reveals M&G Wealth Investments as its latest DFM partner

Sahar Nazir
clock 23 July 2024 • 1 min read
PA Awards 2025: Nominations for all categories now open!

PA Awards 2025: Nominations for all categories now open!

Our 20th anniversary awards will be held in London next March

Professional Adviser
clock 23 July 2024 • 2 min read