What will be best practice post-RDR?

To qualify as a professional and independent financial adviser, it is imperative an IFA must carry out whole of market research, showing they have considered all the products available and are only recommending the most appropriate. More specifically, the rules state that the research undertaken must be ‘sufficiently large to satisfy the clients’ best interests rule and the clear, fair and not misleading rule.’ One way to deal with this task more efficiently is via the creation of product and fund panels – which the FSA allows, provided they are regularly reviewed. Panels usually form...