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 one in three financial advisers expect client fees to rise as a result of the FCA’s new Consumer Duty - with more directly-authorised Financial Planners concerned than network members.

The Financial Conduct Authority has confirmed it will raise its funding requirement for Financial Planning firms by 8.9% to £94.6m in 2023/24.

Schroder has trimmed fees on its 'low cost' multi-asset active fund range from 29bps to a maximum of 22bps and renamed the funds as part of an overhaul.