Advisers "should be proud" of their efforts to be compliant with changes set to be introduced at the end of the year following the Retail Distribution Review (RDR), LV='s Steve Lewis says.
Lewis, head of distribution for retirement solutions for the provider, said figures indicate most individuals, and firms, are ready for the rule changes, while smaller businesses that are not are nevertheless in a good position to make late tweaks.
"Recent data released by the FSA indicates that 90% of advisers are RDR-ready," he said.
"This is a much higher percentage than was predicted and advisers should be very proud of all the hard work they have done.
"And the truth is that most adviser businesses are so small and agile that even if they aren't ready yet, they will be able to make the necessary changes before the end of the year.
Lewis said the banning of provider-set commission was a radical move, but pointed out the industry had before undergone enormous change and survived, and would do so again.
"The challenge is equal to the challenge we faced in the early 90s around hard disclosure.
"Prior to this, sales commission had been an agreement between providers and advisers, but the industry was then told it had to disclose hard commission. This was difficult but we did it."
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