SimplyBiz: FAMR should address regulatory overload
Following communication with advisers and firms across the country, the SimplyBiz Group has announced the key measures which it feels need to be addressed by the FAMR in order to revitalise the post-RDR advice market for the benefit of consumers and reduce the advice gap.
The group says that advisers are facing a regulatory overload. Last year, the FCA issued roughly two outputs per week. While not all these were relevant to advisers, many in the industry discussed the weight of regulation as well as the overwhelming need to ‘cover their backs’ for fear of repercussions further down the line. On top of the concerns generated by the regulation, the costs in terms of time as well as money are huge barriers to both retaining advisers and attracting new entrants to the market.
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