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Magnificent obsession

Harry Katz suggests in Money Marketing that I am becoming obsessive regarding both the FSA and the RDR.

While younger than Harry, I recently entered my 33rd year in the industry and can witness that never have the pension and protection gaps
been so wide. The country is in crisis and we are storing up financial chaos to be unleashed at a future date.

Regulation has rid the industry of the cowboys as well as badly designed and penal contracts. It has also rid the industry of 90 per cent of its distribution and the widening of the afore-mentioned gaps is not coincidental. The RDR promises more of the same, with dwindling adviser
numbers and fewer consumers engaging.

It is revealing that on the same day I read Harry’s letter, I also discovered that Prudential is planning to reactivate its direct salesforce – a recognition that products are sold and not bought.

Having a nucleus of highly qualified advisers with a fee basis that disenfranchises the majority of consumers is not a step forward. It might be for the CII and the PFS but it is not for society. In this context, it is no surprise that the RDR and this regulatory vandalism should exercise my mind on a regular basis.

Highclere Financial Services


Out of context

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Flexibility factor

Flexibility in adviser technology has never been more important. With the double whammy of RDR and the global economic turmoil, businesses are realising that they need much more from their chosen software provider than ever before. This refers in equal measure to requiring constantly evolving functionality from software platforms and also ensuring the flexibility of […]

All boutiques great and small

Sometimes, a perfectly reasonable word turns itself into a fashionable concept, and starts to grate,” wrote Charles Moore recently in his weekly column for The Spectator. “We have reached that point with the word ’hub’. Everything – a city, a café, a church, a school, a website – feels the need to claim that it […]


Hub of the matter

Financial Relationships joint founder Alex Morris describes how the firm is taking a hub and spoke approach to service by building professional connections and making advice the product


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