SJP's Bellamy: Fee structures a 'nightmare' for clients

The swell of new regulation in financial services "frightens" people away from seeking financial advice, while the proliferation of various fee structures is proving a "nightmare" for those who do engage, according to St James's Place CEO David Bellamy.

"It's just become more burdensome for people [to seek advice]," said Bellamy, who was taking part in a panel discussion on the future of private banking in London on Tuesday. A drop in adviser numbers - there were some 21,700 practicing advisers in July compared with almost 23,800 recorded at the same point last year - has restricted investor choice, Bellamy (pictured) said. New rules governing how advisers are paid and what they must disclose to clients, as well as setting them a higher minimum qualification benchmark, were introduced on 1 January this year following a review of reta...