Advisers have only themselves to blame if the proposals outlined in the retail distribution review discussion paper are brought in, says Pi Financial Dixon Sutcliffe chief executive Tim Sutcliffe.
Sutcliffe says apathy is rife in the IFA sector and this will serve to kill off the “middle tier” of advisers caught in the general financial adviser bracket.
He also believes that consumers have been overlooked by the RDR and says there is nothing pointing to how the proposals will benefit the end-client.
Sutcliffe says: “All this will do is stifle professionalism. Yes, they are giving a pinnacle to aspire to but not everyone will get there or want to. It does not mean that they should no be giving any advice. The strongest motivating force that advisers seem to have is apathy.”
He says although Aifa is working hard to stir advisers into action, advisers ultimately have to take responsibility themselves and respond to the RDR.
Sutcliffe says: “We will have only ourselves to blame if what the providers want ends up happening. There are plenty of financial advisers out there and they all need to take time to respond, answering the 70 questions that the FSA wants answering.”