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.
