RDR only gives illusion of action - UKSA

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The UK Shareholders Association (UKSA) has slammed proposals in the Retail Distribution Review (RDR) saying they do not address the "significant evidence" of poor advice or issues of consumer confidence.

UKSA says the current structure allowing product salesman taking commission to be called IFAs is a “scandal of a system”. It believes unaware consumers are vulnerable to being sold a vast range of expensive and unsuitable financial products by those not truly advisers. The association claims the five working groups entrusted to create the RDR were dominated by industry figures. “Representatives of the Financial Services Consumer Panel, the body statutorily charged with representing the interests of consumers, were only allowed to attend as observers,” the UKSA says. “The ‘solutions’...

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