Running a financial advice business is fun, but it’s not easy!
So, what do pension advisers worry about most, when it comes to running their businesses, a new survey by Core Data Research asked that question and this is what they found:
- 42% – Regulations
- 16% – Covid
- 12% – Volatile markets
- 8% – Inflation
- 7% – Cybersecurity
- 4% – Brexit
Imagine that. Pension Advisers are ten times more concerned about regulation than they are about the effects of Brexit! And three times more concerned than they are about Covid, or even investments market performance.
That says something about the regulation of financial services in the UK doesn’t it?
Regulations covers everything from the ever-changing rules set by the Financial Conduct Authority, the costs of their fees, Professional Indemnity Insurance Premiums, the costs associated with the Financial Ombudsman Service and the Financial Services Compensation Scheme. The list is endless, no wonder there are less and less advisers (with only 1 in 10 people now having an adviser) and the cost of advice keeps going up.