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Smaller advice firms less burdened by regulation challenges

Less than half of small firms cite regulation as their main business challenge against three quarters of larger firms, according to Platforum research.

Platforum surveyed 161 advisers with varying levels of AUA, finding regulation continues to be a major business challenge across all firms.

All advice firms have faced increased pressure from regulators this year adjusting to Mifid II and GDPR.

Just 43 per cent of small firms – those with assets under administration of up to £19m – say regulation is their main challenge, however. For firms with £20m to 49m in AUA, the figure jumps to 71 per cent.

Where AUA is more than £250m, 74 per cent of firms find regulation the most major business challenge.

Respondents from large firms say staff numbers make it more difficult to monitor activity of employees. Large firms also say they face more scrutiny than their smaller peers.

Main regulation concerns for advice firms

Source: Platforum



FCA rolls back on ‘skilled person reports’ into advice firms

The FCA did not issue any “skilled persons reports” into retail investment or pensions and retirement income businesses in the three months to the end of July, latest data shows. Skilled person reports, also known as S166 reviews, are commissioned by the FCA when it has concerns over a firm’s activity or wants more information. […]


How much are advisers charging for pension transfers?

Defined benefit pension transfer charges are being put under the microscope again as the regulator turns over more potential conflicts of interest. With the British Steel Pension Scheme the latest to dominate headlines and the FCA ready to interrogate further as it extends its review to include all firms authorised to give pension transfer advice, […]


Which financial services names have made the Rich List?

Peter Hargreaves has jumped to 42nd position on the Sunday Times Rich List, a climb of nine places from last year, after seeing his wealth grow £849m to £3.2bn. Hargreaves is no longer on the Hargreaves Lansdown board but has kept a 32.2 per cent stake in the company – the value of which has […]


Tech firm seeks adviser input on software developments

Back-office provider Iress is giving advisers more say in developments with its software through a new collaboration programme. Iress Labs is a global initiative and there are currently 75 firms involved, including six from the UK. Iress managing director Simon Badley says the move represents a “fundamental change” in how Iress operates. He says: “We’ve […]


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