While major international banks and insurance companies wrestle with national and international regulation, Independent Financial Advisers (IFAs) find themselves facing similar challenges but without the staff numbers to tackle the problems.
With regulations changing constantly, keeping abreast of changes is a problem for most companies. Software for IFAs is one of the few ways that most firms can make any progress in the face of new rulebooks, often involving the use of personal data.
The cost of regulation changes is a major concern for the industry. Complying with new rules costs the industry billions of pounds and that filters down to even the smallest companies. New technology, increasingly crucial to any advisor, can reduce costs but also has an impact on bottom line profits. Industry experts suggest that unless governments change their approach to regulation, innovation may be held back for IFAs.
Software for IFAs, such as that …