Advisers could see some movement to address the liabilities they face during 2020, according to the Personal Finance Society's director of policy.
Appearing on the FTAdviser Podcast Matthew Connell said the issues of professional indemnity insurance and the Financial Services Compensation Scheme had reached a point where they would have to be addressed.
He said: "I think we are at the point now where this really is being a major contributor to the advice gap because it is holding back organic growth in the market and so I think 2020 has to be the year when regulators and legislators pay some attention to how the system is built and make it more manageable and predictable."
He appeared alongside chartered financial planner Darren Cooke, who said advisers would benefit from greater predictability in how much they had to pay.
Mr Cooke, of Red Circle Financial Planning, predicted the growth of the concept of financial wellbeing in the advice profession would take off and gain popularity during the 2020s.
He said: "What's starting now, and what I hope will start to replace financial planning to a degree, is the financial wellbeing movement that's nascent.
"It is not just about your money, it is about actually making sure that you are using your money to do what you want to do and make your life and your health and your mental wellbeing better."
What do you think about the issues raised by this story? Email us on email@example.com to let us know.