Financial advisers told to expect people to leave the industry
Mint Asset management head of sales and marketing, David Boyle, says there would be some advisers who did not want to move into a tough new regulatory environment. Many were in the later years of their working life and would think now was a good time to move on or sell their client book or just do something else.
It was not that the regulatory regime was too onerous, it was that some advisers, such as small, one-man-bands, would find it hard to comply with new requirements for a full Financial Advice Provider, or FAP, licence.
"They may not have the qualifications – the Level Five plus – and the cost in terms of time and money is for some, probably just too much.”
Boyle's warnings came in the wake of a report in mid February that one in five brokers had sought or were considering seeking medical help because of stress.
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