Advisers need to embrace regulation to prosper

Independent financial advisers are an important source of business for some offshore banks. But developments in the regulatory environment mean that advisers will need to adapt the way they act both with their clients and the banks they work with. In the first instance there is the ever-advancing burden of compliance. Knowing your client (KYC) means exactly what it says. In the past, whereas KYC completed by the adviser may have been accepted by the bank, today this will only be allowed provided the adviser is a regulated introducer and other conditions are met. This means advisers and ba...