Openwork puts faith in advisers' 'judgement'

Chief executive Martin Davis says the move will mean less bureaucracy but he also warned it would involve a revamp of its business checking procedures and place more pressure on the company's 2,500 advisers to keep detailed records of their recommendations. He adds it is part of a two-stage, three-year plan he hopes will "set the standard" in preparing advisers for the RDR and, in particular, its focus on customer outcomes. The "old way" of giving advice, Davis says, referring to advisers following a set procedure, is no longer adequate. In his opinion, advice based purely on a set of...