In conversation with advisers: staying on top of regulatory risk

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In conversation with advisers: staying on top of regulatory risk

Partner Insight: Cathi Harrison, director of para-sols and Apricity and Clare Farrell managing director at Northfield Wealth met in London recently to discuss how to stay on top of regulatory risk.

In the first video of the series, Cathi Harrison and Clare Farrell talk to Julian Marr, Editor of Professional Adviser about the recent regulatory changes by the Financial Conduct Authority (FCA) and the burden facing financial advisers as a consequence of these changes.

Harrison: "There are various practical solutions available to financial advisers, however a bigger change in thinking is needed. This year has been particularly tricky with MiFID II and GDPR, but overall it has been a good opportunity for advisers to review their business.

"The regulations are not there to be annoying, but are there to protect the financial advisers and their clients. There will be a lot more regulations to follow. The introduction of GDPR was great, as it updated data protection laws which were 20 years' old. I imagine it will happen again in ten years' time, as technology moves that fast."

Farrell says: "Regulatory changes are a particular good reason to look at your finances and make sure you are up-to-date. As an adviser for a number of years, you should be used to change, and expect something to change two, three or four times a year from a regulatory and planning perspective. Most of the regulation introduced has been for the protection of clients."

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