Tenet has expressed concerns over the amount of proposed regulatory changes, which the IFA support services group believes are likely to deliver poorer consumer outcomes.

According to distribution & development director, Keith Richards, all sectors will be challenged by a range of new regulatory requirements, which will ultimately impact on jobs across the industry and cost millions of pounds to implement.

Much of the recent focus has been on RDR, but there is a lot more on the horizon with revision to the IMD planned for early 2012, as well as a revised MiFID, the introduction of PRIPs and Solvency II. There will also be an amended regulatory architecture at both UK and European levels just to mention a few.

Richards said: “The industry must join forces more effectively and be given positive incentives to develop by the regulator. Much of the impending regulation offers little by way of incentive and is perceived by many as a threat. Consequently