Regulation is the biggest challenge faced by Financial Planners in 2022, according to a poll from the Personal Finance Society (PFS).

Two in five Financial Planners told the PFS further rules from policy makers and the FCA is the biggest hurdle they face this year.

One in five told the PFS social media poll changing client expectations would be the most significant obstacle for them in 2022, whilst 21% felt getting to grips with hybrid working is their greatest challenge.

Another one in five said improving their skills and knowledge to best serve clients would be their biggest challenge in the year ahead.

Sarah Lord, president of the PFS, said the profession’s concerns about regulation was understandable given that the Retail Distribution Review and Financial Advice Market Review resulted in reduced access to advice leaving a growing number of consumers open to falling foul of scammers.

She said that it is vital that the FCA keeps pace with the changes to how Financial Planners interact with their clients.

“The pandemic has transformed the way clients expect to receive advice resulting in growing use of meetings technology plus electronic sharing of documents. It is vital that regulation keeps pace with the new ways clients expect us to engage with them and that rules enable the profession to safely continue to help them make informed financial decisions to secure their futures.”

The PFS surveyed 169 members via social media in December.