One in two advice firms are now concerned they are not gaining enough rigorous outsourced compliance support with Consumer Duty in mind, a report from Model Office has found.
The report including the 900 retail intermediary advice (RIA) firms across Model Office's four platforms also showed that one in three are similarly concerned regarding internal compliance support. Advice firms are spending 64% of their time on business, compliance, and staff development needs and only 36% on client meetings, the research also revealed. Between 6-12 hours a week is being spent on governance, risk, and compliance activity. The biggest challenges over the next 12 months are the Consumer Duty validation, lack of budget and resources, the volume and implementation of regu...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
