New research conducted by Canada Life has revealed that the implementation of Consumer Duty regulations is the biggest challenge facing advisers in 2023, according to 51% of respondents.
The study also found that 46% of advisers are grappling with ongoing economic uncertainty, while 44% are concerned about broader regulatory and compliance changes.
Meanwhile, the top opportunities highlighted by advisers include retirement and later life planning (69%), estate planning (52%), and tax planning (43%).
Andrew Tully, technical director, Canada Life, said: “The changing regulatory environment including Consumer Duty is clearly at the forefront of adviser’s minds, especially given the FCA scrutiny in the lead up to the July deadline.
“Advisers also need to navigate through the thematic review of retirement income advice, with the findings being published later this year.
“Advisers are nothing if not resilient and adaptable and they see significant opportunity in providing retirement and later life planning advice.
“This will only become more of an opportunity as advisers steer clients through the opportunities created from the recent Budget, creating numerous planning opportunities.”
