RDR review: Reaction round-up

“On the clarity of charging by firms, it is early days but a lot of progress has been made in a short period. However it is to be expected that, in adapting to new ways of charging, there will be some teething issues as companies refine the way they operate.”

Philippa Gee, managing director, of Shropshire-based Philippa Gee Wealth Management, said: “It’s good to see a review come out so early and I think it is a positive document with practical points and supportive solutions. Clearly there are a few issues with the definition between independent and restricted and charging, but it shows that the FCA is on top of things and aware of the issues which followed the RDR.”

Chris Hulme, director of Manchester-based Clayton Hulme Partnership, said: “Realistically the advisers that remain in this industry now are pretty much the best there have ever been in terms of doing the right thing for clients, and actually being knowledgeable enough and suitably qualified to do this.

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“There are benefits to clients of all types of advice structures. However what the regulator does not understand is that it is the one that causes the confusion and misunderstanding by persisting in changing the terminology every five minutes. It’s not the disclosures, or lack of, that confuses clients, it’s the regulators themselves.”