Advisers fear profit dip from £20,000 Consumer Duty compliance costs

Financial advisers expect rise in costs and a decline in profitability

Sahar Nazir
clock • 2 min read

Nearly half (44%) of financial advisers expect their profitability to drop due to compliance with the Consumer Duty rules.

As the new regulation takes effect today (31 July), research from Quilter and Boring Money has found that advisers are spending nearly £20,000 on ensuring that their business complies. When asked how much, advisers said they expect complying with Consumer Duty will cost their business around £18,161. Meanwhile, just 5% of advisers believe their profitability will increase, and just under half (46%) said that they expect it to stay the same. Nearly a quarter (24%) of advisers expect their turnover to decrease, with two-thirds (63%) saying it will stay the same. Just 8% expect turnov...

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

Feel Good Friday: CII and PFS host annual apprenticeship awards

Feel Good Friday: CII and PFS host annual apprenticeship awards

Part of next gen development push and ‘upholding professionalism’

Professional Adviser
clock 24 October 2025 • 1 min read
FCA to deliver 'fewer and faster' enforcement outcomes this year

FCA to deliver 'fewer and faster' enforcement outcomes this year

Therese Chambers says the watchdog is prosecuting more people than ever before

Sahar Nazir
clock 23 October 2025 • 2 min read
Autumn Budget 2025: Majority of Brits concerned about rumoured pension tax-free tax changes

Autumn Budget 2025: Majority of Brits concerned about rumoured pension tax-free tax changes

The updates advisers need in the run up to the Autumn Budget 2025 on 26 November

Professional Adviser
clock 23 October 2025 • 1 min read