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...

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