Regulatory pressures are proving burdensome for advisers, with 75% admitting managing requirements is a challenge.
The introduction of new rules such as Consumer Duty and the Sustainability Disclosure Requirements have created deeper complexity for advisers, the latest Voice of the Adviser Survey from Nucleus finds.
When asked if some regulations contradict each other – for example Consumer Duty could increase costs and compliance efforts, potentially widening the advice gap other reviews aim to close – around 70% of respondents agreed this was the case.
Changes in government policy that affect pensions and investments were cited as the biggest challenge for advisers, followed by dealing with providers and then overall changes in regulation.
Andrew Tully, technical services director at Nucleus, said: “It’s crucial the government and regulators continue to do more to highlight the benefits of taking regulated financial advice.
“We’ll continue to champion financial advisers and planners because they’re key to improving confidence of those approaching and in retirement and to lobby government and regulators for a clearer more supportive environment that enables the profession to thrive.”
