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...
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