Consumer Duty-related costs to be permanent for advice firms

Costs arising from the new regulation may have lasting impact on firms

Sahar Nazir
clock • 1 min read

Consumer Duty-related costs will be permanent for advisers and their clients, Charles Stanley managing director John Porteous told Professional Adviser.

Porteous has expressed concerns about the lasting effects of costs arising from Consumer Duty on advisers and their clients. He said the new mandates are imposing significant financial obligations on advisers and their clients, including enhanced reporting requirements, compliance measures, and the potential need for additional staff and resources. These costs, he argued, will create a challenging environment for advisers, ultimately leading to a negative impact on clients' financial outcomes. Porteous said the costs of additional staffing in advice firms, new software that comes with...

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