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Aifa reforms group to fight big firms set on wrecking RDR plans

Aifa says some big financial institutions are putting themselves before their customers as they try and reverse the interim proposals of the retail distribution review.

It is reconvening its RDR working party to continue to press the case that consumers should have a choice of how they pay for advice and sho-uld know when they are being sold to and when they are being advised.

Aifa says the working party was pivotal in helping Aifa get these points recognised in the FSA’s interim RDR report.

The group draws from Aifa’s membership and consists of Peter Mann (Bankhall), Paul Beard (Alexander Beard Group), Ian Thorneycroft (SimplyBiz), Barry Kayes, Alex Ogden (Tenet Group), Amanda Davidson (Baigrie Davies), Bill Taylor (Ashley Law), Martin Greenwood (Tenet), Roger Sanders (Helm Godfrey), David Hickey (The Lighthouse Group), Stephen Greenstreet (Origen), Simon Waugh (AWD Group), Richard Craven (The Money Portal), Paul Johnston (PSFM), Paul Dawson (Sesame), Gary Bottriell (Bottriell Adams), Nigel Speirs (Buckles), Brian Handscombe (Handscombes), Harry Katz (Norwest Consultants) and Mike Fosberry (Smith & Williamson).

Aifa director general Chris Cummings says: “We believe it is now crucial to reform the RDR working party to prepare our feedback to the FSA ahead of the October paper. It is easy to forget how far we have come in the last year but it has been noticeable that large financial institutions once again want to stop reform that will benefit consumers, putting themselves first and their customers second.

“Consumers have a right to know whether or not they are being advised or sold to and they must have a choice over how they pay for that advice. There is still a long road to travel. Many will lobby hard against the existing proposals in an effort to protect their businesses and bottom lines.”

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