The latest study by Sesame reported that nearly two-thirds (63 per cent) of advisers said they were ‘very concerned’ about the impact that too much bureaucracy would have on their business in the coming 12 months. The results are in contrast to last year’s findings, which listed the cost of professional indemnity (PI) cover at the top of the list.
The survey found that for the first time one in five members were indifferent to the effects that PI would have on their business in the coming 12 months. However it showed that just over half of advisers (52 per cent) were still ‘very concerned’ about the rising cost of PI cover, reflecting market uncertainty as to whether the trend in PI reductions will actually continue. The level of excess however remains a key concern.
The research found that factors out of advisers’ control such as falling consumer confidence, the performance of the stock market and housing markets were far less of a concern with only one in seven saying these issues were a serious worry.
The findings form part of the Sesame IFA Barometer, an ongoing study of a representative sample of Sesame members, which examines the key issues facing advisers in the current climate.
Charles Bryant, commercial director at Sesame, said: “The combination of depolarisation, increased regulation as well as heightened demand for IFAs to run a more robust and streamlined business has meant administrative tasks are taking up more time and effort than ever before.”
Rob Clifford, managing director of Mortgageforce, commented: “Paper-keeping has to become the number one priority for mortgage brokers in the regulated market.”
