Banks could 'undermine value of advice' post-RDR

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There is a major risk of banks undermining the value of advice because of proposals made in the Retail Distribution Review, warns Ivan Martin, executive chairman of Sesame.

Martin also blamed banks for Britain’s spiralling debt problems and widening savings gap. Speaking at Sesame’s first annual Symposium in London, Martin says: “I must admit that I am extremely concerned about the prospect of banks being allowed to brand basic information as ‘advice’. “I am concerned that the British public will have been misled and unfairly treated if they are put in a position where, in an attempt to clarify types of advice, confusion reigns.” He says that while advisers are attempting to raise standards, the banks are undermining the value of professional advice by c...

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