Compliance Burden A Nightmare For Advisers

While the idea of making “scaled” or “single Issue” advice a reality has long been on the radar of the financial advice industry, the feasibility of implementing such advice have been hampered by an uncertain regulatory environment. Such regulatory and compliance issues have become what many believe is the ungainly and clumsy Achilles heel of the advice industry. The lived experience of advisers and licensees has made them wary of coming into conflict with the legislative requirements such as best interest duty, and fear of further compliance “lookback” has resulted in a much more conservative approach amongst compliance managers.