Landmark reforms laid down by the Retail Distribution Review (RDR) were introduced ten years ago. Jonathan Sandell assesses its impact on advice...
How has the advice landscape changed in ten years? And did RDR really create a consumer advice gap? Even if the answer is yes, RDR should still be viewed as a needed reform that positively reshaped the advice industry. It moved the needle on its key aims: more transparent charges; unbiased advice; and greater professional standards. Indeed, RDR can be seen as the advent of a stronger regulatory focus on customer outcomes that continues today in the shape of the Consumer Duty. It also catalysed a trinity of trends towards consolidation, centralised propositions and holistic advice. Whi...
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