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Advice is better post RDR, PFS conference hears

There is strong proof that advice is stronger post-RDR and continues to evolve, Keith Richards, chief executive of the Personal Finance Society, has said.

Speaking at the PFS national conference in Birmingham he laid out the evidence behind this.

He said: “Peers and MPs recommended advice in the care bill, the government acknowledged the importance for retirement, the FCA is more balanced about the profession and the financial services ombudsman said the advised profession is an important service for the public.

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“The Fos has already said that less than 1 per cent of complaints relates to financial advisers.”

Mr Richards said he was proud of the evolutionally progress he had made in his two years at the helm, as he looked at what the organisation wants to do over the coming year.

Other key developments means that at the moment it is easier to borrow than save but this could be about to change. With a shift post April 2015 to a savings culture, he said the needs for advice would grow.

He added: “The industry is portrayed as fragmented so we want to bring all financial industries together to uniteour objectives.”

Advisers have a key role to play, and a consumer confidence campaign to engage consumers would be really important.

He said the PFS has laid the foundations of a consumer strategy. A consumer website has been launched, which has a directory of financial advisers, a chartered academy programme, providing a best practice hub, and an an enhanced CPD and paraplanning programme.

He said: “As a united profession we have a true opportunity to influence the future direction of travel.”