A survey by CoreData reveals that 11% are considering leaving or retiring due to the new standard; 35% say it is damaging their mental health.

The Financial Conduct Authority introduced the duty in July to improve consumer protection, but 46% of advisers see it as a burden that will do more harm than good. Six in 10 say it will increase fees and widen the advice gap, while 35% think more advisers will quit than did so after 2012’s Retail Distribution Review.