Ahead of the new Consumer Duty requirements, the FCA has warned SIPP operators to ensure standards of conduct are high amid concerns about problems in the sector.

The Financial Conduct Authority has warned regulated firms who ignore its upcoming Consumer Duty deadline to expect “swift action.”

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.

The Consumer Duty is likely to change how advisers communicate with clients, the way they assess the value of advice and the way they segment their client base and service offerings, according to adviser research.