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

RDR, pension freedoms and more

clock • 7 min read

As Professional Adviser continues to celebrate its 21st birthday, this article assesses how advice looks now, in 2022, and when PA was born back in 2001…

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...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

The paradox of invisible value: How to ensure clients recognise the power of advice in volatile times

The paradox of invisible value: How to ensure clients recognise the power of advice in volatile times

'Investing is not just a technical exercise; it’s an emotional one'

Kate Rainbow
clock 03 August 2026 • 4 min read
The Platforms Association acquires the UK Platform Awards

The Platforms Association acquires the UK Platform Awards

Clive Waller hands over the awards programme

Isabel Baxter
clock 30 July 2026 • 2 min read
FCA bereavement survey sent to just 12 firms – 'A very small dip in the ocean'

FCA bereavement survey sent to just 12 firms – 'A very small dip in the ocean'

Covers advisers, platforms and wealth managers

Sophia Panayi
clock 30 July 2026 • 3 min read