What does it mean to be a sole trader in 2012?

Some say this is no time to be a sole trader; others say conditions are perfect. Tricky economic conditions and roll after roll of regulatory red tape have left some sole traders struggling to make ends meet – and their numbers are dropping. According to the latest figures from the FSA, there were 779 registered sole traders at the end of 2011, compared to 816 at the end of 2008. Yet some say changes introduced as a result of the Retail Distribution Review (RDR) – perhaps the largest regulatory overhaul in the history of financial services – could work in their favour. Here, PA talks ...