A survey of 311 advisers from around the world found that 47.6 per cent of UK advisers had concerns over the new regulatory environment during the third quarter of 2013 – significantly higher than the global average of 32.1 per cent.
Some 22.9 per cent believed that increasing costs would be the biggest challenge. This figure was almost double the global average of 11.8 per cent, and almost four times the European average of 6.7 per cent.
Regarding factors that could threaten the UK economy, 23.7 per cent of advisers believed the European debt crisis to be the biggest threat, followed by inflation, at 16.1 per cent, and unemployment, at 15.3 per cent.
Keith MacDonald, director of Worcestershire-based Broadway Financial Planning, said: “Our firm was RDR-ready a decade in advance, so the new environment had little impact on us. Costs can be unpredictable, but a robust business plan and cash in the bank can provide stability.”