Only one in 20 independent financial advisers currently use AI despite half believing it presents an opportunity for their businesses, according to a new study.

Six months after it was implemented, over two fifths (45%) of IFAs believe the Consumer Duty has made it harder to advise clients.

Three quarters of IFAs plan to retire in the next decade - 31% in the next two to five years - raising concerns there could be insufficient adviser numbers in the future.

Over nine in ten IFAs would avoid recommending investing in cryptocurrency to their clients, according to a new report.