A study which aims to assess the full impact on consumers of the RDR has been launched by Garry Heath, the former IFA Association director general. Heath is in discussions with members of the Treasury select committee about how the results of the survey can be used to hold the regulator to account.
The survey will ask advisers how many clients they service and in what way, both now and before the RDR; how dependent their business is on trail commission; and what impact the April 2016 platform rebates ban on legacy business will have on their clients.
Heath hopes to gain 500 adviser responses, as well as a number of in-depth case studies, and will publish the report in October.
He says robust figures are needed on the number of clients that have been disenfranchised as a result of the RDR, and the capacity of the advice market to meet consumer demand. He says: “This report will create a base from which to assess what the RDR has done for consumers and whether they have suffered detriment.”