Compliance costs place greater burden on advisers

"As a result, it may be that authorised firms have more work to do to overcome this difference in regulatory approach.”

Developments such as the new consumer duty regulations have also posed some problems when it comes to understanding what is needed and interpreting the rules and regulations.

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Bradbury commented that some of the less specific wording of the consumer duty can leave some advisers "unsure as to what to do or what their full obligations are.

"Keeping on top of these new rules compounds the need for highly skilled compliance professionals".

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