A view of advice then and now (2001 v 2022)

At the time, the Retail Distribution Review may have been drawn criticism as it imposed new regulatory burdens, qualification requirements and reporting requirements on financial advisers, many of whom had operated happily under the previous system. However, it brought a professionalism to the industry that has immeasurably improved consumer trust. It has helped ensure that, in 2022, financial advice is thriving, while also being vastly more resilient to economic and financial market shocks. Advice in 2001 was a different beast. Commission-based advisers (the majority) didn't get paid un...