Experts challenge claim RDR will benefit tied advisers

Earlier this month, tied intermediary Co-operative Financial Services (Co-op FS) said it was to stop offering 'advice' while, in January, Barclays announced it was closing its financial planning arm. HSBC has also confirmed almost 500 advisory roles will be cut in a "re-shaping" of its UK business model. In all three cases, the RDR was cited as a reason for the changes, while Co-op FS also blamed rising regulatory costs. A number of advisers claim changes to the way advisers are paid as a result of RDR will drive consumers towards the banks. With access to millions of retail cus...