Our inbox has been filling up thick and fast with your RDR questions for MPs, who will debate the changes on 30 November. But so far they are all from men! Come on women IFAs, make yourselves heard, we know you can.
When will the regulators wake up to the realities of providing independent advice in working class areas?
The scrapping of commission will see more people unable to pay for the cost of advice and prevent them from being encouraged to save. Most people have to be encouraged to save and will not pay in advance for the privilege of doing so. John
How can the FSA put me out of business when their rewards are growing? Who is holding them to account?
My job as an IFA and the jobs of my employees are under threat from the RDR. Banning commission will mean the closure of our practice. All this when the FSA paid themselves £20m in bonuses in May 2009 whilst presiding over a £90m deficit in their own pension fund. David
If product providers are not paying "commission" post RDR, what efforts are the FSA making to ensure product providers reduce the charges they included on the product?
Or will RDR just give some product providers an increased profit as a result, which would be detrimental to the consumer? Michael
Why not let the public decide if they require a better qualified and probably more expensive IFA or a less qualified adviser?
If I need to know something that I am unfamiliar with I will check before I see a client. Far more beneficial for the public and employers to be made aware of the competency level of their adviser whether Level 3, 4, 5 or 6 post RDR. Colin
I would like to know from whom FSA take advice in decisions like this?
My guess is managing directors with vested interests. I suspect our five "best" IFAs from the client's perspective will all have retired by 31/12/2012. And the clients will be left with a lot of good salesmen who are able to pass exams. Dave
Why when we have passed all the exam requirements do we have to take them again?
Why is the volume of paperwork and regulation being allowed to kill the industry?
The advice I give achieves a much better scenario than if clients had done it themselves. This includes ensuring clients do not simply go into default employee pension funds and a GP who took income protection insurance and now has a degenerative eye disorder. The public is under insured, under saved, under pensioned. The only way to fill that gap is by advisers seeing clients but being paid fairly for it through a product-based charge. Bob
Can you explain how removal of choice in the marketplace - options as to how remuneration is passed over - increases the choice for the consumer?
If the divisions of advice are not robustly policed what is the purpose of having them in the first place?
The FSA under the RDR now proposes the following categories: Simplified, Basic, Restricted and Independent Advice. It is not made clear how they are going to police these divisions. Harry
Why did adviser charging not avoid the Equitable Life scandal?
Advisers should keep up to date with the evolving market place but this could be done via CPD, with evidence, in relevant subjects. On charging, clients should be given the choice. Look at the Equitable Life debacle! IFAs rarely recommended them because they hid their costs with salesmen not earning commission but paid high salaries! S
Maybe it is to favour banks perhaps??
Why is it duel-pricing by lenders is a commercial matter to be left alone by the FSA, but longstanding commission arrangements (preferred by most clients) with life and pension companies, also commercial agreements, can be changed dramatically? Norman.
Pleaae let us know if you have any more questions for the MPs.
Despite improved risk appetite
FOS award limit increase
Relates to 136 million transaction reports
Ceremony will take place 13 November