Banks will re-enter the advice space once the regulator has given a clear steer on simplified advice, Standard Life head of business solutions Innes Miller has suggested.
He said that banks had tried to find ways to offer advice economically to their customers for two years in the run up to the Retail Distribution Review (RDR) once they realised the new charging models would be economically unviable for them. But unclarity from the regulator around simplified advice, combined with pressures brought by the financial crisis, stopped them from investing in new the business models they were not sure about. Once given a clear steer from the regulator, simplified advice could attract all sorts of entrants, from advisers to banks and companies such as Google ...
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