Anti-RDR group set to lobby OFT

Founder Alan Lakey (pictured) says the RDR will result in a "massive reduction" in competition within financial services and argues the OFT therefore has a statutory duty to make formal representation to the Competition Commission (CC). According to Lakey, the ban on commission and expected drop in adviser numbers post-RDR will dramatically reduce competition. Furthermore, he says RDR-driven changes are powering a growing tide of consolidation in the insurance sector which will punish consumers by limiting choice. Lakey says profit margins on investment, pension and life insurance ...