Half of small firms opposed adviser charging

FSA head of investment policy Peter Smith says the review will boost consumer confidence in financial services which will, "as a consequence", increase consumer uptake of financial advice. A number of RDR critics argue one of its central tenets - to create a market for consumers - can not be achieved because a number of its rules will encourage advisers to exit the industry. In today's Policy Statement, ‘Delivering the RDR', the FSA says although almost two-thirds of respondents supported its adviser charging proposals, half of "smaller" adviser firms opposed the changes. Under the...