Compliance reporting tops list of adviser concerns

By Jo Gilbey
Find me on: LinkedIn Apr 7, 2014 9:09:00 AM

A survey by specialist adviser software firm, Intelliflo shows that compliance reporting far outstrips concerns about client charging among advisers.

315 advisers ranked their biggest business challenges and compliance/RMAR reporting was number one, with around a quarter (24%) putting this on their list. Client charging came fifth, with 11% of the vote.

Since the FCA introduced the requirement for advisers to provide data on payment methods into RMAR reporting last year, many have complained about the additional time burden it creates. The recent announcement by the FCA that it will make changes to the reporting to “make it easier” for advisers is a step in the right direction but advisers fear the time it will take to understand and adapt to new requirements.

Lisa Jones, from independent financial adviser firm Hargreaves & Jones Ltd in Surrey says: “While I understand the need for it, I do think the FCA has underestimated just how much a burden reporting is for smaller advisers. The fact that product providers are all developing their own different systems adds to the problem for fully independent advisers like us, who are choosing products from across the market.”

Larger firms offering independent advice also find compliance requirements challenging, not helped by a lack of a uniform approach by product providers.

Lesley Searle from East Anglian firm Beckett Investment, which employs 40 people, including advisers and support staff says: “It’s essential our compliance reporting demonstrates that the advice we give our clients is truly independent. Providers could do more to help us save time by taking a more standardised approach.”

Compliance reporting is a key benefit of Intelliflo’s Intelligent Office software. It simplifies the whole process, therefore generating time and cost savings.

Dave Chessell, Intelliflo’s Chief Commercial Officer says, “Our service helps advisers become leaner and more efficient, manage business risk and build more profitable businesses. Being web-based we are able to deliver changes to reporting requirements seamlessly, without the need for advisers to download updated software.

“Those advisers who use our system to manage compliance and RMAR reporting tell us it helps them keep costs down overall, reducing administration time and allowing them to focus on the growth drivers for their businesses.”

Top five adviser business challenges:

1. Compliance/RMAR reporting
2. Servicing clients
3. Costs of running a business
4. Attracting new clients
5. Client charging

To obtain a free copy of the ‘Five things that keep advisers awake at night’ register at


Notes to Editors:

The research featured in this release was carried out by Intelliflo in February 2014. It reflects the responses of 315 advisers currently operating within the UK.

Intelliflo ( has been providing information technology services to financial services companies since its formation in 2004. Its leading web-based business management software, Intelligent Office, helps financial businesses large and small to improve efficiency and increase profits. Intelligent Office supports over 1,150 firms and 11,000 users with assets under advice of £150 billion (as at 31 March 2014).

In July 2013 HgCapital, a leading European private equity investor in B2B technology companies, became a majority shareholder in Intelliflo Ltd. HgCapital has a wealth of expertise in developing web-based software businesses and is committed to supporting the next phase of Intelliflo’s growth.

Intelliflo has won the Professional Adviser ‘Best Technology/Software Provider’ award, voted for by Financial Advisers, every year since 2010.

For further information please contact:

Dave Chessell
Chief Commercial Officer
Tel: +44 (0)208 481 4258