Six in 10 financial advisers believe the Consumer Duty will increase the advice fees they charge and make the advice gap worse, according to a new survey.

Nearly 9 in 10 financial advisers offer independent rather than restricted financial advice, according to data published this week in the FCA’s Retail Mediation Activities Return (RMAR) report for 2022.

Only 7% of financial advisers have firm plans to offer a stripped back ‘core advice’ service for ISA customers in line with proposals from the FCA for simplified advice, according to new research.

The FCA is to launch a comprehensive thematic review of retirement income advice.