'NEWCOB will reduce IFA compliance costs'

clock •

The new conduct of business regime will reduce the costs of complying with Financial Services Authority requirements in the long-term, according to law firm Bond Pearce.

Tony Woodward, partner at Bond Pearce, says although NEWCOB will create initial costs for IFAs, such as learning new terminology and updating compliance manuals, it will save costs in the long-term. He believes the flexibility and simplicity of the proposals will reduce costs, particularly after the first two months of the regime once initial training has been completed. For example, Woodward says client classifications will be more simple because people can more easily understand what a ‘retail’ client is than a ‘private’ client, and it is “sensible” to have the requirements for both...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Advised clients want more personal investment communication

Advised clients want more personal investment communication

Four in ten say comms focused more on product than goals

Jenna Brown
clock 12 November 2026 • 3 min read
How economic abuse manifests itself in pensions, mortgages and protection

How economic abuse manifests itself in pensions, mortgages and protection

Second in a three part series

Shelley Read
clock 11 November 2026 • 5 min read
Celtic FP founder launches online admin platform for advisers

Celtic FP founder launches online admin platform for advisers

‘Developed by people who understand the industry’

Jenna Brown
clock 10 November 2026 • 2 min read