Almost all (91.7 per cent) advisers said the Financial Conduct Authority’s consumer duty will increase the cost of running their businesses, according to research by Panacea Advisers.

In a survey carried out between late February and early April 2023, Panacea asked its adviser community about the impact of the FCA’s consumer duty and whether they were prepared for.

Some 2.8 per cent of respondents did not think the consumer duty would impact their business costs while 5.6 per cent said they were unsure.

The survey, which received 136 responses, revealed three quarters of advisers (75 per cent) said support from the FCA around the consumer duty has not been helpful or easy to understand.

Only 5.6 per cent said the FCA support has been helpful, while 19.4 per cent said they were unsure.

Some of the adviser comments included: “Much depends on what they retrospectively choose to judge us on. Vague as always, they should be more prescriptive.”

Another said: “Too much jargon – not enough clear examples of what they think ‘it’ looks like. To start sending emails that ‘clarify’ is worrying in that something should be understandable without the need to clarify.”

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