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

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...