Welcome to the first version of PIMFA’s Regulatory Insights Tracker. This biannual survey of PIMFA member firms seeks to capture the real-world impact of regulation and the wealth management and financial planning sector.

This version of the survey, conducted in September 2025, acknowledges several welcome interventions made by the FCA in the preceding year. While the sector generally recognises and appreciates the move towards, and importance of proportionate regulation, the volume of reforms and lack of clarity in communications are having a significant impact on day-to-day operations. The sector is clear that greater regulatory clarity and consistency are essential if firms are to continue supporting clients and contributing to long-term UK growth.

The complete Regulatory Insights Tracker findings can be found here.

Highlights from this version of the Tracker include:

• • • The majority (54%) of respondents cited, ‘Clearer, more consistent regulatory communication’, as an area that financial regulators should prioritise in the next 12 months – more than any other. ‘Simplified reporting and reduced duplication of returns’ followed closely behind, cited by 48% of respondents.
    • 96% of respondents agreed that regulatory change is diverting time and resources away from other priorities in their firm, while nearly a third (29%) of respondents suggested this is happening to a large extent.
    • 46% of firms do not feel clearer about how to remain compliant with regulatory requirements in the launch release. The majority (79%) of respondents have seen an increase in compliance expenditure over the past 12 months.
    • The majority (54%) of respondents are clearer about what their firm needs to do to remain compliant with regulatory requirements compared to this time last year, while just 6% said they are less clear.
    • 85% of respondents cited Consumer Duty when asked which regulatory requirements currently demand the most time and attention from their firm, more than any other requirement. Customer Vulnerability followed in second place, cited by 52% of respondents.

  
  Commenting on the results of the Tracker, David Ostojitsch, Director of Government Relations and Policy at PIMFA said:

  “The wealth management and financial advice sector plays a critical role in supporting households, businesses and the wider economy, managing over £1.65 trillion in savings and investments. These findings show that while our members are committed to delivering the best possible outcomes for clients, the cumulative impact of regulatory change is making it harder for firms to do so, while juggling other priorities.