High quality and affordable advice should be deliverable, but it isn't under the current regulatory regime, writes Dennis Hall, who hopes the latest advice review may change that...
The Financial Advice Market Review has already been labelled in some quarters as RDR Mk II, but in all probability given the speed and the focus this will result in the first major tweak to RDR Mk I. What we have seen in the advice market is precisely what the industry warned in the run up - many ordinary people will be denied access to advice because of cost (and risk). The advice sector contains ‘for profit' businesses, we are not charities, quangos or government funded. If the cost of compliance, regulation et al mean that we cannot service a particular group of people profitabl...
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