IFA support group Tenet has told its client firms there has "never been a better time" to voice their concerns over the RDR's requirements and is encouraging those with worries to contact their local MP.
Group distribution and development director Keith Richards has written to TenetConnect and TenetSelect clients saying the recent parliamentary debate on RDR shows engaging the support of an MP can "keep the topic live".
On 20 October, Conservative MP Harriett Baldwin represented the concerns of a number of her constituents about RDR proposals to ban commission and introduce higher minimum qualification requirements at Westminster Hall.
Although Baldwin received the backing of a number of other MPs, financial secretary to the Treasury Mark Hoban said the RDR remained essential to improving the sector.
Richards says although many IFA firms agree with the RDR's central principals, a significant number are angry at what they see as a "complete disregard" for experienced advisers.
"By their very nature, matters of this kind can prove confrontational, so trade bodies and other lobbyists have had to maintain a stance with the regulator which externally appears as non-adversarial as possible," the communication reads. "[But] MPs have no such constraints!
"Ultimately, it is only the government who can change the current direction of travel, but you have an opportunity to play a major role by voicing your opinion."
Richards says Tenet is recommending, however, that every IFA remains committed to achieving higher qualifications and transitioning to adviser charging on the basis that there are business benefits to doing so and any further parliamentary debate "may not change either requirement or timeframe".
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Retirement Planner Forum 2019