Chief executive of the Personal Finance Society (PFS) Keith Richards has revealed the problem that is infuriating advisers most.
The cost of regulation.
"The biggest issue raised by many of our adviser members is the ever increasing cost of regulation and it's direct and indirect negative impact on the industry and consumers alike," Richards (pictured) said.
He draws attention to the fact that the cost of regulation has continued to rise year on year - and when coupled other rising associated costs, the burden on a reducing pool of contributors will ultimately "undermine the regulatory and compensation framework itself".
"The fact that the Treasury now benefits from regulatory fines rather than being pooled against the rising costs of regulatory levies, compounds the situation further," Richards said.
Ultimately the industry, jobs and the public are at increasing risk as a result, according to Richards.
"Regulation is an established and important part of our profession and positive evolution should have driven down costs.
"An alternative or supplementary form of funding needs to be explored to alleviate the obvious and evident pressure points both cost and risk is having," he said.
What is the biggest industry problem you face right now? Tell us in the comment section below.
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