The banks are back: What does this mean for advisers?

Most banks have been out of the advice game since the Retail Distribution Review (RDR) was implemented in 2012. Since then, regulation has required advice to be holistic, meaning advisers need all the necessary information about a client to provide a recommendation. Recent initiatives announced by the Financial Conduct Authority – such as targeted support, simplified advice and open finance – have offered banks an opportunity to re-enter the advice market. With the regulator attempting to expand the scope of financial advice to ensure it is more accessible to a wider client base, b...