The Retail Distribution Review (RDR) will have "clear detrimental effects" on the accessibility of financial advice and lower overall savings rates, Lord Flight has warned.
In a letter to the Financial Times, the Conservative peer said the Treasury and the Financial Services Authority (FSA) were "hell bent" on implementing RDR despite the fact less well off people will not be able to afford advice. He also said RDR would hinder the recovery in savings the economy needs. His letter to the FT said : "The rich will be affected little; they have the resources to pay for advice. But financial advisers will not be interested in those with savings of the order of £100,000 or less who I doubt will be willing to pay fees out of after-tax income, of the order of...
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