Qualifications, not commission ban, is best new for consumers

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Pro-Retail Distribution Review (RDR) financial advisers believe the emergence of higher-qualified practitioners will have a larger bearing on improving consumer outcomes than the ban on commission.

Research by Skandia suggests 73% of advisers feel the quality of advice will improve mostly because of the RDR's enforced higher minimum qualifications. Only 19% felt the ban on commission would have the most positive impact, Skandia's Adviser Confidence Barometer found. However, advisers who felt the RDR would improve consumer outcomes were outnumbered by those who did not. A total of 57% of the 1,700 adviser respondents said they either felt the RDR would have a negative impact on the customer experience, or that it would have no bearing at all. But Skandia said the number of ...

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