IFAs demand FSA evidence of need for RDR

In a telephone conference with the FSA’s RDR panel, Amanda Bowe, head of the RDR, was put on the spot by several advisers who said they did not see a good reason for seeking to transform the financial advice industry. In response, Bowe said: “Our chairman, Callum McCarthy, realised the industry had a number of areas which needed to be looked at and he asked the question, ‘is the model broken?’” But one IFA hit back: "I've not seen any hard evidence to say the current financial advice model is broken." The tele-conference, set up by Phil Castle of IFA firm Financial Escape, was organis...