RDR has reached 'point of no return' - PFS

Laura Miller
clock

Advisers must "wake up" and address changes being brought in by the RDR, as last week's paper represents the FSA's "point of no return", says the Personal Finance Society (PFS).

In its final rules on adviser charging and labelling post-2012, published on Friday, the FSA confirmed investment advisers will be banned from taking commission and non-independent advisers will be labelled ‘restricted'. If restricted, advisers must disclose their non-IFA status to customers before advising them, though not using a mandated script as had been mooted. Provider-owned advisers will not have to disclose their ownership status to customers. PFS chief executive Fay Goddard describes last week's announcement as a "wake-up call" for advisers, who must adapt their business mod...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA confiscates more than £300,000 from convicted fraudsters

FCA confiscates more than £300,000 from convicted fraudsters

Faced charges for £1.2m investment fraud in 2023

Isabel Baxter
clock 14 May 2025 • 1 min read
PA360: FCA's Hulme - Targeted support will 'never' replace holistic financial planning

PA360: FCA's Hulme - Targeted support will 'never' replace holistic financial planning

A ‘broader stepping stone’ to fully fledged advice

Isabel Baxter
clock 01 May 2025 • 2 min read
FCA on finfluencer financial harm: 'We need people to sit up and take action'

FCA on finfluencer financial harm: 'We need people to sit up and take action'

Treasury Committee questions regulator on the impact of finfluencers

Isabel Baxter
clock 01 May 2025 • 4 min read