Is financial advice a high-risk occupation?

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 ...