Delaying the introduction of the retail distribution review (RDR) by one year, as proposed by MPs last week, could result in an extra 10% of advisers remaining in the industry, IFA network Openwork said.
The company's initial estimates of the number of practitioners who would leave their jobs as a result of RDR was between 20% and 25%. But it believes a 12-month delay could result in approximately 5% to 10% of additional advisers successfully making the transition. Mary-Anne McIntyre (pictured), the newly-installed CEO at Openwork, said: "While we fully agree with the general principle that advisers should be suitably qualified to deliver advice, we also support the TSC's proposal to remove the hard cliff edge, although we appreciate the difficulties inherent in delivering a smoothed ...
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