Most (75%) advisers identified the cost and uncertainty of regulation as a threat compared to a third (34%) with a Brexit-induced economic slowdown in the next three years.
Advisers are more worried about regulation than an economic slowdown caused by Brexit, the Personal Finance Society’s 2016 member survey shows.
Most (75%) advisers identified the cost and uncertainty of regulation as a threat compared to a third (34%) with a Brexit-induced economic slowdown in the next three years.
Keith Richards, chief executive of the Personal Finance Society, said: “Despite the efforts of regulators and government, through the introduction of the Financial Advice Market Review (FAMR), to assure the sector that it will tackle regulatory barriers and costs in order to help increase access to advice, it is clear there is more to be done through the introduction of tangible change.
“The barriers created by inefficient and burdensome regulation continue to strangle the personal finance sector, thereby restricting consumer access to the financial advice marketplace, leaving millions unprotected and left to fend for themselves.
“As the FCA and government continue to consult on key proposals resulting from last year’s FAMR, I’d urge them to act on the feedback and pragmatic solutions offered by the sector on how best to address the barriers, and introduce meaningful change which will in turn assist millions of consumers in their long-term life planning.”
Advisers have grown more worried by regulation, as 72% felt threatened in 2015 and 67% in 2014.
Other issues worrying advisers were execution-only and online advice (33%), complications from implementing EU regulations (29%) and a lack of new talent/available skilled trainees (22%).
Over 1,600 PFS members responded to the survey.
