IFAs and other members of the financial services industry may continue to need legal support to deal with regulation, research has suggested.
The 11-page Perspectives on Financial Services 2015 report, published by Kinetic Partners, found that financial services lawyers expected more business as the industry attempted to deal with compliance and regulatory obligations.
It said: “Meeting regulatory obligations grows more demanding year over year, and firms are seeking support from external experts to efficiently balance their compliance programmes with their core business activities.”
The research among 54 lawyers found that 68 per cent believed global regulatory developments had increased their clients’ costs.
But 30 per cent thought regulation created more opportunities for their clients to grow.
The report said: “Regulation in the financial services industry has traditionally been perceived by the industry as overly burdensome and, in some cases, counter-productive.”
