In a new series, we ask advisers what steps they are taking to become RDR-ready.
Martin Bamford, managing director, Informed Choice
"We have already made the majority of preparations needed ahead of the implementation of the RDR.
"We started making substantial changes to the way in which we do business back in 2004, before the RDR was formally announced but at a time when the future direction of retail financial services was becoming very clear.
"We completely overhauled our client proposition and moved away from a traditional commission structure for adviser remuneration, to one aligned with the proposed adviser charging rules. This meant charging our clients a separate charge for advice, implementation and review activities, although we remain flexible about how these charges are paid.
"We also continued with our drive to improve professional standards, obtaining corporate chartered status for the firm in 2007 and assisting our individual financial planners with their own professional studies.
"One of the main things we all have left to achieve ahead of the RDR is the ‘gap filling' designed to update adviser knowledge from that assessed in previous examinations. We look forward to completing this over the next twelve months, through both individual CPD and group technical training.
"As a result of being proactive with these changes, we have put ourselves in a very strong position to continue with the growth and development of our business over the next two years, rather than dealing with the distractions of forced regulatory change."
‘Important to have an anchor’
Report to be written by TPR
Lack of innovation for solutions
Some 2,000 consumers affected