One in ten advisers looking to quit industry due to Consumer Duty

More than a third say regulations are harming their mental health

Isabel Baxter
clock • 2 min read

One in ten advisers (11%) are considering leaving the industry due to Consumer Duty as more than a third say regulations are harming their mental health, according to new research by CoreData.

The study of 267 UK financial advisers conducted in August found nearly two-thirds (63%) of advisers said regulations are impacting their ability to do their job. Over a third (35%) said regulations are negatively impacting their mental health. This increases to more than half (52%) of mass affluent advisers. Meanwhile, 35% said they think the Consumer Duty rules will see more advisers leave the sector than under the Retail Distribution Review (RDR). The study also showed 23% of advisers think the Consumer Duty will reshape the financial advice industry more than RDR. However, a...

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