RDR Debate: MPs pan 'fundamentally wrong' RDR

In a debate in the House of Commons called by Conservative MPs Mark Garnier and Harriett Baldwin, MPs outlined their constituents' concerns on the banning of commission payments and the imposition of higher minimum qualification requirements. Opening the debate, Garnier said it was not his intention to "derail" the RDR, but that its proposals in their current guise would lead to a significant drop in adviser numbers from 1 January 2013. He estimated some three million clients would lose access to their IFA from that date, based on estimates of a 30% drop in advisers. Supported by a...