After three years, the FSA’s latest consultation paper on the Retail Distribution Review (RDR), published 25th June, is close to the final word, incorporating the draft Handbook test that rarely alters much in subsequent consultation. It is time therefore to judge whether these changes in the way the advice industry works will lead to significantly better outcomes for customers.
read more Commentary by Stuart FowlerI had not immediately spotted that HBOS ‘whistleblower’ Paul Moore, sacked head of Group Risk, in his written evidence to the Treasury select committee had specifically accused his employers of encouraging the promotion of corporate bond funds as alternatives to deposits without due regard to suitability. I am currently dealing pro bono with a complaint [...]
read more Commentary by Stuart FowlerThe key proposals of the FSA Retail Distribution Review were well trailed – here as elsewhere. The main one is a gamble: forcing IFAs into a professional business model will also push it even further into the high end of consumer income and assets, leaving an even bigger mass-market gap below it to be filled [...]
read more Commentary by Stuart FowlerOur observation in Anticipating the Retail Distribution Review that the business model for financial advice will not change unless and until customers learn the value of paying fees for a professional and independent service was echoed in an article in the Observer yesterday by Heather Connon
read more Commentary by Stuart FowlerBarclays Bank has moved its tanks (a 900-strong regiment of ‘Financial Planning Managers’) onto the independent financial advisers’ lawn. Barclays’ National Sales Director has told an industry conference (PIMS) that it has the people, ‘sales training programme’, processes and ‘open-architecture’ products in place to dominate the IFAs’ high-net-worth client segment. Could this be the same Barclays Bank whose people and processes were secretly filmed by Channel 4, responding to deliberate management incentives to sell unwanted and poor-value services to anyone foolish enough to wander into a branch? See my post on the programme.
read more Commentary by Stuart FowlerNews Categories:
Popular Tags:
Last 12 months:
» About our insights
» About our commentary
» About our research
