RDR won't change banks - Sesame's Martin

Scott Sinclair
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Banks systematically sell products and the RDR will not change that, Sesame Bankhall executive chairman Ivan Martin says.

In his closing address at the Sesame Symposium in Manchester this week, Martin said tied advisers will remain driven by sales targets despite attempts to cultivate a "level playing field" for them and independent practitioners. RDR rules to be introduced in three years' time state restricted advisers will be subject to the same professional standards, such as minimum qualifications, as IFAs. Restricted advisers will also have to make clear their product limitations to consumers. But Martin says banks will continue to try to flog in-house products to unsuspecting customers. "I t...

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