Is financial advice a high-risk occupation?

REGULATION

Laura Miller
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When it comes to risky professions, financial advice may not be up there with fighting fire. But, with a regulator keen to ‘shoot first and ask questions later', did giving advice just get ugly?

Financial services lawyer Simon Morris, of CMS Cameron McKenna, follows the vagaries of financial regulation closely. He believes, from a regulatory point of view, advisers are facing a “very harsh market”. “Advisers are on notice that what they have coming is a very determined regulator. Being an adviser is a very high-risk occupation,” he said. What is underpinning Morris’s view? A vicious triangle of regulatory action. “Advisers face a three-sided attack. One, a very determined regulator, two, the creation of new concepts around suitability, and three, the challenges arising from ...

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