Future of Financial Advice (FOFA) compliance and the cost of regulation are the main challenges for financial planners and financial planning businesses, a new Financial Planning Association (FPA) survey has found.

More than half of all financial planners (53%) taking part in the survey cited FOFA compliance as a main challenge they are currently facing.

And 47% specifically highlighted amending the business model for FOFA compliance as a current business challenge, with 61% saying the cost of regulation is a key hurdle.

FPA CEO Mark Rantall says the association is in continual contact with members about the issues facing them.

“We are aware that many financial planners are feeling anxious ahead of the implementation of FOFA as they are unsure of what it will mean for them and their businesses,” he said.

“In order to support our community, the FPA has set up the ‘Bulletproof Financial Planning’ initiative that aims to ensure members are fully supported throughout the FOFA implementation process.”

The campaign will start with a series of webinars looking at best-interests duty, scaled advice and the post-FOFA professional practice.