Consumers must understand RDR jargon - CII

Sandy Scott, director general of the CII, says: “Most of the terminology [in the RDR] is industry terminology. "These terms need to be tested with consumers to make sure they can get their heads around them.” The FSA has proposed creating a tiered system of financial advice, which will consist of two levels of advisers providing ‘full-advice’. General financial advisers would not be as qualified as professional financial planners would, but they might have a greater range of remuneration practices, such as a commission structure. The issue has caused frustration among IFAs, who fear the...