Over three-quarters of advisers face rising costs ahead of Consumer Duty

Spending on new technology ahead of regulation leads to soaring bills

Sahar Nazir
clock • 1 min read

Over three quarters (76%) of advice firms have seen their costs increase as they prepare for the Consumer Duty rules.

This is according to a study conducted by financial institution iPensions Group amongst 100 advisers focused on pensions during April 2023. Nearly three out of four (69%) of advisers expect the costs to be a one-off increase while 72% said the rise in costs will be permanent. Meanwhile, one in six (16%) said preparing for the implementation of Consumer Duty has had no impact on their cost base. The study suggested that spending on new technology is the "biggest driver" of increased investment by advisers ahead of the implementation of Consumer Duty with 67% spending on technology w...

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