You kindly published a letter from me in March 2010 where I looked forward to a packed waiting room post-RDR, as the FSA was so sure people were not taking financial advice due to commission ‘bias’.
So it would be interesting to know if any readers have had any new clients in the past year who have never taken financial advice before, but have been attracted to do so since the RDR, solely because of the commission ban and higher qualifications? If there are any, their numbers are dwarfed by those who can no longer get financial advice, partly due to diminishing adviser numbers and partly due to (largely) upfront ‘costs’. This is the real-world legacy of the RDR. And it was totally predictable.
Mark Osland
Chartered financial planner
Formula
South Croydon
