The 'elitist' Retail Distribution Review (RDR) should be delayed to avoid the destruction of the financial advice industry, Lord Flight has said.
The Conservative peer said the 1 January implementation deadline should be pushed back to avoid a "period of chaos" from which no one would benefit, "especially the consumer, in whose name this policy has been created". In a blog published on Conservative Home, he said RDR was an "elitist concept" which would make exclude all but the wealthy from financial advice. Flight, who was shadow chief secretary to the Treasury from 2001 to 2004, also criticised the Financial Services Authority (FSA) September decision to allow advisers to get a waiver from the deadline but not move from 1 Janu...
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