'Primary advice bad for industry' say 9 in 10 advisers

The poll asked advisers a number of questions about the FSA’s RDR consultation document and found advisers feel strongly about several key areas of the proposals. When asked if primary advice will lower standards and be detrimental to the FSA’s goals and the industry’s reputation, 93% of advisers polled agreed with the statement. Given that the FSA’s own paper admits that primary advice could result in ‘suboptimal outcomes’ for some consumers, and has received criticism from many other areas, it seems increasingly likely that the concept will be dropped. Over three quarters of advisers s...