Financial advisory sector expected to shrink 20%
He says advisers must obtain a Level 5 financial advice qualification which will be hard for older workers and those with family and work commitments.
Hassan points out that a lot of older advisers probably didn't even finish secondary school, let alone have any qualifications, making the education requirement daunting for them.
"It's a pity because a lot of those people are very good advisers, but it's one of the consequences of going through the change."
Hassan also believes the dispute resolution process is a catch 22 as it will be a better environment for consumers, but the public perception will probably be more negative because of media exposure around cases.
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