Half of advisers think wraps will fall under RDR whole of market test
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Over half of advisers believe wrap platforms will be subject to the same whole of market test as investment products under the RDR, according to research by Scottish Widows.
The research, conducted in December 2009 by NMG, focused on wrap platform usage now and post-RDR.
It found that 54 per cent of intermediaries think wraps will be subject to the whole of market test under RDR.
The research shows that 31 per cent of intermediaries currently use one platform only, 38 per cent of intermediaries use two and 28 per cent use three or more platforms.
Scottish Widows head of distribution development Robert Kerr says: “It is good to see that most advisers agree with Scottish Widows that the FSA should integrate its review of platforms into the RDR.
“It’s unlikely intermediaries using wrap platforms will want to have more than a few adopted within their business models, however getting the best deal for clients and offering a true independent service will mean reviewing the whole market and in particular reviewing the costs associated with the many propositions available.”
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