RDR only gives illusion of action - UKSA

clock

The UK Shareholders Association (UKSA) has slammed proposals in the Retail Distribution Review (RDR) saying they do not address the "significant evidence" of poor advice or issues of consumer confidence.

UKSA says the current structure allowing product salesman taking commission to be called IFAs is a “scandal of a system”. It believes unaware consumers are vulnerable to being sold a vast range of expensive and unsuitable financial products by those not truly advisers. The association claims the five working groups entrusted to create the RDR were dominated by industry figures. “Representatives of the Financial Services Consumer Panel, the body statutorily charged with representing the interests of consumers, were only allowed to attend as observers,” the UKSA says. “The ‘solutions’ of ...

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

Consumer Duty Alliance looks to attract advice industry talent

Consumer Duty Alliance looks to attract advice industry talent

New Talent Alliance will be chaired by M&G Wealth Advice MD Tom Hegarty

Isabel Baxter
clock 27 March 2024 • 2 min read
PA Working Lunches: Register today to hear from SimplyBiz

PA Working Lunches: Register today to hear from SimplyBiz

Join us for an informative session worth one hour of CPD

Professional Adviser
clock 27 March 2024 • 1 min read
FCA warns firms and finfluencers to 'keep social media ads lawful'

FCA warns firms and finfluencers to 'keep social media ads lawful'

Regulator sets guidance for financial services promotion

Isabel Baxter
clock 26 March 2024 • 3 min read