The level of apathy among advisers for the implications of the Retail Distribution Review (RDR) is "considerable", a study suggests.
According to a survey of 453 advisers carried out by technology firm Assureweb, 32% of respondents say they are ‘unconcerned’ about the impact the RDR will have on their businesses.
However, the FSA's decision earlier this year to bring forward its interim report on the review, which it says was as a result of extensive IFA feedback, seems to contradict the survey's conclusions.
Only 17% of advisers say they are ‘very concerned’ about the implications of the review, the study found, while one in ten claim they are unsure how their business will be affected.
On separate questions on advisers’ biggest concerns over the next 12 months, the poor performance of the housing market was only a worry for 29% of respondents.
Assureweb argues the apparently “considerable” apathy among advisers “is a concern we [the industry] must address.
“Ultimately this review represents a huge opportunity for advisers to shape the way they structure their businesses,” says Mark Wilson, head of propositions at Assureweb.
“There is understandably a degree of uncertainty around the review as the details are still being thrashed out, particularly around the sales and advice models, however we believe it is critical that advisers understand the full potential impact of the RDR as well as the opportunities ahead to engage more fully with their clients.”
The survey also identified the biggest concerns for advisers over the next 12 months, with an increase in ‘red-tape’ the greatest worry.
A total of 39% cited increased bureaucracy as their main, Assureweb says, followed by reduced commission at 33%.
The poor performance of the housing and stock market remains a great concern for just 29% of respondents.
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DB data published last week