“Adviser charging specifically was put in place to move the industry away from the idea of selling to that of ongoing financial advice,” adds Mr Lewis.
Ms Harle explains: "The RDR, was launched by the Financial Services Authority (FSA) in 2006. It was a once in a generation change, designed to make retail investment markets work better for consumers.”
This view is echoed by other commentators. Mihir Kapadia, chief executive of Sun Global Investments, says: “The FCA had long been talking about the importance of having compliant and easily comprehensible documentation in the industry.”
He adds: “This consisted of making noticeable changes to the investment advice market with the RDR being a major policy development."