The armchair critic: back to basics on simple products

We can see why this initiative got going. Long-term financial products have become complicated, features have proliferated, funds have multiplied, and tax legislation is complex so most consumers need an adviser to act as professional interpreter. The regulator has responded to this by seeking to raise standards of advice, managing bias by removing commission all wrapped up in the Retail Distribution Review (RDR). But RDR raises the cost of providing advice, so creating more potential for fewer consumers to know what they are doing. So the simple products initiative will, in principle...