Regulation poses relevancy challenges for professional bodies
Speaking from Washington where he is attending the Financial Planning Standards Board (FPSB) meeting Tate said groups such as the IFA were facing similar issues to peers worldwide.
"A lot of it's around the value of professional bodies, what we're adding," he said.
"In most cases we've found the professional bodies globally have released their intellectual property to the regulators and in turn of course have lost a large portion of members who are saying OK, we've met the required minimum standard, why do I need to do anything else?
"We're slowly but surely coming to the conclusion globally that it's good to help the regulators but we need to recognise the costs incurred, and then deal with that in terms of providing reasons to remain members of a professional body."
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