Canada Life research has found one in two (51%) advisers polled say their biggest challenge this year is implementation of the Consumer Duty regulations.
Among the other challenges advisers are facing, ongoing economic uncertainty (46%) and broader regulatory and compliance changes (44%) were deemed the most important.
By contrast, the biggest opportunities highlighted by advisers include retirement and later life planning (69%), estate planning more broadly (52%) and tax planning (43%).
Commenting on the findings, Andrew Tully, technical director, Canada Life:
“The changing regulatory environment including Consumer Duty is clearly at the forefront of adviser’s minds, especially given the FCA scrutiny in the lead up to the July deadline. Advisers also need to navigate through the thematic review of retirement income advice, with the findings being published later this year.
“Advisers are nothing if not resilient and adaptable and they see significant opportunity in providing retirement and later life planning advice. This will only become more of an opportunity as advisers steer clients through the opportunities created from the recent Budget, creating numerous planning opportunities.”
