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New technology biggest cost for advice firms in run-up to Consumer Duty

6 June, 2023 | 
Pureprofile 

Originally published: Money Marketing, 1 June 2023

Spending on new technology is the biggest driver of increased investment by adviser firms in the run-up to the Consumer Duty implementation deadline, new research from Sipp provider iPensions Group has revealed.

The report found more than three-quarters (76%) of advice firms have witnessed an increase in costs during preparation for Consumer Duty.

Investment in technology has had the biggest impact on costs at 67%, as 55% said capital has been spent on improving existing data.

To gather these results iPensions surveyed 100 advisers with a focus on pensions in April 2022 via Pureprofile.

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