Regulation is the biggest challenge to the way financial advisers work in 2022, according to a PFS poll.
A social media survey of 169 PFS members in December 2021 revealed two out of five financial planning professionals felt further rules and red tape from policymakers and the Financial Conduct Authority (FCA) are the biggest hurdle they face in the next 12 months.
One in five felt changing client expectations would be the most significant obstacle they need to overcome in 2022, while 21% cent felt getting to grips with hybrid working would be the greatest challenge they face.
One in five stated that improving their skills and knowledge to best serve clients would be their biggest challenge in the year ahead.
Sarah Lord, PFS president, said: “The FCA’s review of the Retail Distribution Review and the Financial Advice Market Review saw the regulator acknowledge that financial planning can help improve people’s lives and that access to our profession’s services ‘at the right time’ is important.
“The PFS is committed to continuing dialogue with the regulator and policymakers, to ensure that rules for the profession increase access to financial advice by allowing companies to grow and innovate to meet consumers’ needs.
“The pandemic has transformed the way clients expect to receive advice, resulting in growing use of virtual-meeting technology, plus electronic sharing of documents. It is vital that regulation keeps pace with the new ways clients expect us to engage with them and that rules enable the profession to safely continue to help them make informed financial decisions to secure their futures,” concluded Ms Lord.
