I was invited by our regulator to a consultation day, where they, with, as they told us, an entirely open mind, asked our opinions on the future of regulation and the provision of financial advice to the masses. The feedback they were unanimously given was that they should spend less time telling us what paperwork we should give to our clients and more spotting and dealing with the bad guys; and that less advisers means less and more expensive advice. They wanted to hear that regulation has made us all more professional and that the internet will cater for the unadvised masses; which may well be what they will think they did hear.
“Letter of authority: Why now is the right time for change”
This may sound like a non-issue from outside the world-of-financial-advice bubble. It is the bain, however, of the daily working lives of many of us, particularly of those paid by we advisers to do the dirty work of dealing with the many providers with whom we have to work.