Financial services executives expect banks to be the biggest winners of the retail distribution review (RDR), with IFAs the biggest losers.
A report by international law firm Pinsent Masons, which surveyed senior executives from 130 firms in the investment, life and pensions sectors, found 68% believe banks will have the most to celebrate.
In contrast, independent advisers, whom the FSA says could thrive in a post-RDR world, have the most to lose according to 59% of respondents.
Elsewhere, the report says executives do not believe consumer needs will be met by the review, which is set to come into full force by the end of 2012.
Nearly half (49%) do not believe the proposals will deliver fairer outcomes for consumers; more than half (57%) believe it will not increase consumer confidence, and a massive 77% do not believe the proposal will encourage people to save for retirement.
Additionally it says independent advice will only be affordable by and available to the most affluent post-RDR
The report also concludes three quarters of finance chiefs agree with the contention that, post-RDR, independent advice will only be affordable by, and available to, the most affluent in society.
The report can be viewed here.
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