RSM Tenon head of wealth management John Porteous has outlined the three worries keeping him awake at night as he steers the business through a challenging environment for UK financial services post-RDR.
Firstly, and probably the most prominent issue facing UK wealth managers, is the burden of regulation. The Retail Distribution Review(RDR) has undoubtedly reshaped the landscape of the funds and advice industry, and other regulatory pressures such as changes to pension rules have also come into play, squeezing profit margins as businesses adapt to the new regime. RSM Tenon had its own run in with the regulator in 2012 when it was rapped by the FSA and fined £700,000 for failings in relation to its sales and advice. The heightened supervision order to which the firm was subject was rel...
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