Our regulator’s latest initiative is to reduce the amount of regulation. It’s become apparent that their previous big initiative, ‘consumer duty’, has made many look at the work they do and clients they look after, and decide that to do the job properly they have to look after less and perhaps charge more for complying with all the detailed compliance the rules require. And so what’s become known as ‘the advice gap’ widens, as fewer of those who need advice can afford or will be offered it. The danger is that trying to reduce regulation will have a similar effect to the many attempts to simplify tax and pensions, adding extra sections to the rule books to vary previous sections which will now work differently. All the many compliance consultants who populate our business will end up with more, rather than less work and noone (and it should be the clients who matter most here) ends up any better off. Let’s hope not.
“Majority of IFAs have no plans to use AI in their practices”
I remember sometime in the 90’s, attending a presentation by a successful adviser providing helpful hints to an audience of wannabes, young and old.
