Retirement planning advisers have told how regulation is their overriding fear in the wake of RDR.
Some 43% of advisers in the retirement sector who were polled for a survey said the regulatory burden will mean the need to turn some clients away.
Advisers were asked about the focus of their business for this year and 43% identified keeping on top of regulatory changes as one of their biggest tasks.
A quarter picked out ensuring Financial Conduct Authority compliance as a concern.
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Nearly half of intermediaries (45%) felt that maintaining profitability would be one of their top challenges in 2014. These worries came ahead of clearly demonstrating value for money to clients (17%), acquiring new clients (13%) and recruiting new staff (11%).
Andrew Megson, managing director of retirement at Partnership, which carried out the research, said: "With the introduction of RDR at the start of 2013, many retirement specialists not only found themselves operating a new business model but also dealing with increased regulatory concerns and requirements.
"After twelve months, regulation is still at the forefront of many advisers' minds as they look to service existing customers while living up to these responsibilities."