Half of advisers expect profit drop due to Consumer Duty

The research, conducted by Boring Money, found that just 5% believed their profitability will increase, while 46% expected it to stay the same. The research indicated that advisers didn't see a business opportunity in Consumer Duty, Quilter noted, as turnover is also expected to decrease for advisers (24%). Meanwhile, just 8% expected turnover to increase, although two thirds (63%) said it will stay the same. The average cost to businesses for Consumer Duty compliance was calculated at £18,161, with a median of £7,500. For those in a network, expected costs were £15,076, while those w...