Over a third of advisers think RDR implementation will be delayed, suggests recent research from Fidelity.
Of 600 advisers surveyed, just over a third (36%) expect the RDR to be pushed back beyond 31 December 2012, whilst 60% expect it to be delivered on time.
The findings reflect widespread industry concerns the FSA faces a race against time to achieve RDR implementation by the end of 2012. The platform consultation paper has already been delayed owing to intense lobbying by the supermarkets.
Furthermore, IFAs have concerns the regulatory overhaul will shrink the size of the adviser market, with four-fifths expecting the number of firms to fall 25% once regulations are in place. A further 79% think adviser numbers will contract.
The Fidelity study also highlighted a substantial minority of advisers who have not met Level 4 qualification requirements, with a quarter (25%) of those polled revealing no-one in their firm currently meets the required level. However, half of advisers in 61% of advisory firms said they are already QCF level 4 qualified.
But Fidelity says its research shows the industry is taking positive steps in terms of gearing up for RDR.
In more positive findings, two out of three firms already have RDR pricing models in place, it said.
Its research also shows advisers are thinking about how they will charge for their services in a post-RDR environment, with three quarters planning to use a combination of asset-based fees, service fees and a time and material basis.
Views are split on fee levels as 42% of advisers expect them to rise post implementation, 30% predict fees to fall and 27% of advisers see no impact.
"While we found that many advisers have the qualifications required by RDR already in place, there are still a large number who do not," says Webb.
" With the QCF Level 4 taking about two years to complete, those advisers who do not have the qualification must now finally decide whether or not to undertake it."
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