HSBC has confirmed it is to close its tied advice service, with the loss of about 600 jobs, as the bank prepares for life post Retail Distribution Review (RDR).
Most IFA clients are supportive of the incoming adviser charging regime, research suggests.
Almost a quarter of UK advisers who charge £100 or less for their services face a 40% drop in income from 1 January next year as rules outlawing the payment of commissions to advisers come into force, research suggests.
The FSA has confirmed consumers will be able to pay charges direct to an adviser or agree for the provider to pay them from the investment in the post-RDR adviser charging regime.
Openwork has launched a support service for its advisers seeking financial assistance while transferring to a fee-based model.