Mann: RDR did not fundamentally change industry

In a video interview with Financial Adviser’s Simoney Kyriakou, Old Mutual’s Peter Mann said the financial advice industry was already professional before RDR came into force.

Mr Mann, who joined Bankhall in 2001 and was appointed chief executive in 2005 before leaving to join Skandia in 2008, said: “[RDR] is certainly the most talked about and arguably the most prolonged experience.

“There have been so many twists and turns and 11 or 12 months down the line we are still getting used to elements of it and of course, we have got more of it to come.

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“It did not fundamentally change. Everybody says it made our industry more professional. It didn’t. Our industry was already a professional industry. It just improved the road to professionalism.”

Mr Mann also revealed the latest changes at Old Mutual and Skandia and what new developments advisers can expect to see in 2014.