So, what is the answer?
I agree that robust regulation is a vital part of our industry as it provides the best way to protect customers from rogue operators.
But there are times when it has to be considered whether the regulatory oversight has become so heavy it is starting to detract from the job that you each signed up to do: advising clients.
There must be some middle ground where the regulatory burden can be streamlined or reduced to allow financial advisers more time to help clients get the most from their money, and to give more time to get out into the community and meet more people face-to-face.
We have enough difficulty at present with people getting the advice they need, and the burden of administrative tasks is merely adding to this.
The Financial Conduct Authority would do well to look at where areas of overburdensome administration to comply with its rules could be removed.
After all, the fundamental reason for regulation at all is to help clients get the best possible service from their advisers. But when they are drowning in a sea of admin, this is never going to be possible.
I genuinely would be interested to hear about the administrative tasks you have to fulfil on a daily, weekly or monthly basis that you feel are erroneous and do very little to help your clients get a better level of service from you.
Those things that you know are an exercise in futility even as you go through them, but that you have to do to get a big tick from your compliance officer – whether that is someone in-house or outsourced.
Let us gather together the worst wastes of adviser time that could otherwise be used to help clients, because that is the only way the regulators will be held to account for not doing their job effectively.
Alison Steed is a freelance journalist
