More than 90% of advisers doubt the Retail Distribution Review will have any impact on the quality of consumer advice, according to Fidelity International.
Fidelity’s research, conducted after the RDR conference on 27 June, uncovered a "hostile" attitude towards the FSA’s proposals among advisers. The survey of over 500 firms discovered 95% of advisers thought the term ‘independent’ should refer to those who select products from the entire market, as opposed to the FSA’s proposal to classify advisers who offer a fee system as ‘independent’. IFAs also reported around 90% of their clients would prefer to pay for advice via a commission structure than through upfront fees. One adviser comments: “The emphasis on commissions being in some way...
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