Regarding product sales, Mr Geale said that due to the commission ban, different products are being sold which may have been overlooked pre-RDR due to no or lower commissions.
“That overall has to be a benefit to consumers. We see competition within the platform [market] - plenty of examples of platform comparisons where you can see what the cost is to use a platform for different types of portfolios.
“It enables people to make a more active choice.”
Mr Geale also said that advisers have gone above what was asked of them, as over a quarter of people have gone beyond chartered or certified status.
“I think that must be a real positive to the industry and real benefit to consumers in terms of the advice that they get. We can’t necessarily demonstrate yet that it has flowed through into suitability, but overall we are painting a positive picture.”