Financial services executives expect banks to be the biggest winners of the retail distribution review (RDR), with IFAs the biggest losers.
A report by international law firm Pinsent Masons, which surveyed senior executives from 130 firms in the investment, life and pensions sectors, found 68% believe banks will have the most to celebrate. In contrast, independent advisers, whom the FSA says could thrive in a post-RDR world, have the most to lose according to 59% of respondents. Elsewhere, the report says executives do not believe consumer needs will be met by the review, which is set to come into full force by the end of 2012. Nearly half (49%) do not believe the proposals will deliver fairer outcomes for consumers; more...
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