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IFAs &#39struggling to stay afloat&#39 in tide of legislation

Employment law firm Peninsula is warning that changes in workplace

legislation could cause difficulties for financial advisers already

overloaded with administration.

Recent legislation includes changes to maternity and paternity

practices and those for families adopting children.

The law firm says Trade and Industry Secretary Patricia Hewitt&#39s

plans to cut red tape surrounding advisers&#39 financial records have

also failed to instil confidence in IFAs.

A Peninsula survey of 374 IFAs shows that 83 per cent believe that

parental legislation and the new Government measures to deal with red

tape will create extra stress and increase the burden on advisers.

Seventy-four per cent of those questioned – also think the Government

is making a mistake by introducing such laws twice a year.

By contrast, IFAs were enthusiastic about this year&#39s Budget, with 68

per cent saying they believe Gordon Brown is a good Chancellor.

Peninsula says introducing legislation twice a year will cause

proposed laws to be rushed though and give IFAs too much to implement

at once.

It is calling for a transition period of several months for employers

to correctly implement the new legislation and make themselves fully

aware of exactly what is required.

Head of corporate development Russell Guest says: “In theory, it

sounds like a good idea but in reality it will be a nightmare. The

new measures introduced by Patricia Hewitt will mean IFAs having to

work overtime to implement the barrage of legislation.

“We can appreciate that the Government is trying to help but has

failed in its mission. Legislation has to be staggered.”


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