Treasury minister Mark Hoban has backed the move to fee charging as advisers' contribution to rebuilding trust in Britain's financial institutions.
He has received "quite a lot of correspondence" from individuals concerned by the FSA's decisions on the RDR, Hoban told delegates at the AXA Elevate Partners' Conference this week.
But he is backing the reforms as the only way to escape the "promises and hearsay" culture of the past to create a transparent financial advice sector to win over wary consumers.
"While financial advisers did not cause the global economic downturn, you do have an important role to play in rebuilding trust across the financial sector", he said.
"A more transparent market - where advisers compete on cost and quality, not promises and hearsay - will only serve to achieve this."
He supported higher minimum qualification standards as a way to break the industry from its past and encourage future talent.
"Advisers will be able to step away from past criticisms and be seen as a more integral part of the financial services industry."
If the UK wants a "world class advisory sector", nothing less than the highest quality professional standards will be needed to ensure financial advisers are at the top of their profession, Hoban said.
He told advisers they must view their customers' success as directly linked to their own, in a "mutually reinforcing" relationship.
Click here to read the full speech by Mark Hoban on financial advice.
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