Two-thirds of advisers are concerned about increased regulation, and rank it of greater concern than the rise of robo-advice, according to data from Canada Life Investments. The company spoke to 328 advisers. 67 per cent of whom said regulatory concerns are “keeping them up at night.” In contrast, 4 per cent of advisers thought robo-advice was a threat to their business, while 62 per cent think the impact on their business will be negligible. The continued uncertainty around the process of the UK’s exit from the EU has led to 36 per cent of advisers The third annual survey of IFAs from Canada Life revealed that when asked about Packaged Retail and Insurance-based Investment Products (PRIIPs) legislation and Key Information Documents, 44 per cent said they are aware of them but do not yet fully understand them, and 29 per cent claim to have not heard of them before. A full 68 per cent said they think the Financial Services Compensation Scheme (FSCS) should be reviewed and updated. Richard Priestley, executive director at Canada Life, said: “Advisers are on the front line of change and so it is no surprise regulation is keeping them awake at night. "The challenge remains for advisers to navigate this complex ever changing landscape when providing advice. We feel it is therefore crucial providers are on hand to support advisers with the technical guidance they need to ease them through this process and offer clarity and reassurance to their clients.” David.Thorpe@ft.com
Two-thirds of financial advisers surveyed by Canada Life Investments are more concerned with regulation than robo-advice, with only 4% describing the latter as a threat to their business, reported David Thorpe in the Financial Times.