View more on these topics

Comment of the week: Onwards and upwards

There is a remorseless logic at play here which is fine, as long as the initial premise is correct of course.

Let’s face the fact that it is going to be difficult, if not impossible, to come up with a uniform charging structure across a hugely varied business landscape.

RDR is the latest stab at it but it’s not the first neither will it be the last.

The media for the most part, esconced in their ivory towers and relatively well off, see the whole thing with a kind of childlike simplicity.

Those with a bit more insight can see the inconsistencies but their minds are still straightjacketed by the logical path promulgated by various vested interests.

Meanwhile the financial services landscape is transforming itself at an ever increasing pace and is unrecognisable from that in place when RDR was born.

For those that can and those that cannot but who’ll have a crack anyway, DIY is expanding rapidly from investments to annuities to pensions and life assurance. It’s the new black.

We will not put that particular genie back in the bottle in my humble opinion and attempts by the adviser community to bolt that stable door are fairly pointless.

Meanwhile on the advised side of the fence it doesn’t seem, to this simple soul at least, to be any easier to compare and contrast service and prices than it was before what with the plethora of titles, levels of service, remuneration models and the rise of vertical integration to name but a few factors.

I’m not pessimistic about the future but it’ll take a while for things to completely pan out and we can be sure the market will continue to morph at an increasing rate.

A few good, basic principles with the rules and regulations to back them up are a very good thing in my opinion but we do need to be wary of following a decade plus old agenda without, at least occasionally, sticking up our heads, Meerkat style, to find out if some of it is that relevant anymore.

Onwards and upwards………

Lee Rawding

Recommended

18

Mark Garnier slams FSA for failing to tackle misselling

Conservative MP Mark Garnier has blasted the FSA for “massive failings” in dealing with senior executives at banks involved in misselling scandals. Garnier, who is a member of the Parliamentary Commission on Banking Standards, is part of a panel looking into misselling and is arguing for tougher sanctions for senior staff. He says: “The question […]

3

Public sector could face cuts due to state pension reforms

Government employers such as the National Health Service could face budget cuts as a result of reforms to the state pension system. Earlier this week, pensions minister Steve Webb announced long-awaited plans to introduce a flat-rate, single tier state pension worth £144 a week for future retirees. The Government says the new pension will be […]

Jupiter hires two credit analysts

Jupiter has appointed two credit analysts to bolster its fixed income and multi-asset team. Luca Evangelisti joins from Moody’s, where he was an associate in the financial institutions group for two years. Harry Richards is transferring internally from Jupiter’s private clients and charities team, where he has been working since 2011. Following the hires, the […]

7

FSA sets out good and bad practice on sales incentives

The FSA has set out examples of good and poor practice firms should consider when reviewing their sales incentives schemes, including a case where staff plotted to overcharge a customer in order to hit sales targets. The regulator has published its final guidance on sales incentives today following a review last September which found 20 […]

Stop the cold-calling

Royal London is pleased to support the petition calling for a ban on cold-calling for pension and investment products. The petition, launched by IFA Darren Cooke of Red Circle Financial Planning and hosted on the Parliamentary website, calls on the Government to ban cold-calling for pensions and investment products. A similar ban is already in force […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com