Mark Glover asks: If advisers no longer anchor their service proposition to annual reviews, will they struggle to justify their annual fees?
The annual review is under review. The Financial Conduct Authority's consultation on removing the requirement to conduct one has been broadly welcomed, and rightly so. But behind the regulatory debate sits a commercial question the industry has been slow to confront: if advisers no longer anchor their service proposition to annual reviews, will they struggle to justify their annual fees? The annual review grew from in a period of reform. The Retail Distribution Review (RDR) and later MiFID II raised standards, improved transparency and placed greater emphasis on suitability over time....
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