Only a third of the adviser market is far enough down the road to meeting the RDR deadline, according to Scottish Widows' head of distribution development Robert Kerr.
Speaking to IFAonline, Kerr says there is still a lot of work to do for the majority of advisers to meet the 31 December 2012 deadline.
Kerr says: "About a third of the market is pretty well down the road to market, a third are not there yet and have a lot of work to do and there is a third of the market that has got a significant challenge to get through the challenges they need to before 2013.
"As it gets up to the beginning of 2013, we might see people who have been giving full advice moving to give just protection advice for example."
He also believes around 10-15% of advisers will end up leaving the market, close to the 8-13% figure the FSA has recently suggested.
"There will be some contraction and some of that will be from people who will retire anyway," says Kerr.
Qualifications remain the main concern for advisers in the run up to 2012, although development of business models is moving up the agenda, according to Scottish Widows.
Kerr says: "Qualifications are still high on the agenda but I think more and more people are beginning to think about the business model they will have in place and what proposition they are trying to deliver to the consumers.
"It is those business aspects that are coming up the agenda now and qualifications are beginning to be seen as a hygiene factor to trade in the market."
Scottish Widows recently launched a series of online RDR support tools for advisers to help them respond to regulatory change.
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