A significant proportion of advisers do not know if their business is ready to meet the FSA's new transparency requirements as set out in the retail distribution review (RDR), according to research.
A survey of more than 200 independent financial advisers by investment managers JM Finn found more than a fifth (21%) are unsure of their firms' compliance with the rules. From January 2013, firms will have to disclose to clients the nature of their advisory offering - independent or restricted - as well as all adviser-related charges for their services. Meanwhile, according to the research, the area where most advisers still felt they were unprepared was qualifications, with more than half (52%) of respondents still not ready. Mike Mount, director of intermediary sales at JM Finn,...
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