The U.K.’s Financial Service Authority is looking into the regulatory costs that independent financial advisers must shoulder. Citywire reports that a joint study by the FSA and the Financial Services Practitioner Panel found that point of sale documents represented IFAs’ biggest expense, followed by staff training and educating employees on the latest FSA initiatives. The study’s major finding, however, was that these costs were a heavier burden on advisers in the retail sector rather than in the wholesale sector. FSA Chairman John Tiner says his agency will look at the results and determine what changes are necessary to reduce costs. Despite the findings, the panel said that, overall, the cost of regulation was less of burden that earlier feared.