Consumer Duty-related costs to be permanent for advice firms

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...