The RDR has damaged the confidence of advisers, making them feel that they do not have anything to offer the consumer, according to Positive Solutions chief executive Jim Reeve.
He believes smaller firms will have been particularly badly hit: "Many IFAs are individuals and in some ways it is a very lonely existence. "You are sat there as a small businessman looking at a troublesome market and there is a massive regulator, which is influenced by a giant bank, imposing changes on you which you don't really understand." As a result, Reeve says the directly regulated market will be suffering more than other sectors: "If you are a one man band who is directly regulated you're going to be thinking how am I going to put this training plan together, how am I going to m...
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