One in six financial advisers believe that the FCA’s new Consumer Duty requirements on value for money assessments will lead to fee increases for clients.

A survey of 116 advisers found that 16% of advice firms expect the Consumer Duty value for money rules to spur to an increase in the total charges clients pay.

The new FCA Consumer Duty requirements arrive in July and will require firms and providers to ensure that clients are fairly treated at all stages of their ‘customer journey’ and that communication is clear and transparent.

The survey was carried out by Copia Capital, the investment arm of platform Novia Financial.

The poll found that while one in six advisers expect clients costs to rise, almost two-fifths (38%) believe the new requirements will have no impact, while a fifth (22%) expect to see a reduction in some or all fees.

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