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Mike Kellard warns against RDR making commission “impossible”

AXA & Winterthur Wealth Management CEO Mike Kellard expressed concerns that the RDR could make commission impossible in a speech at the Westminster & City conference today.

Kellard urged the FSA not to make the RDR a debate about fees versus commission, but one around providing clarity and building consumer trust.

He said proposals that offer transparent commission should be employed for consumer groups, generally in the middle and upper ends of the market, and it should be an option at the lower end.

Kellard also said that consumer agreed remuneration provides a way of improving transparency and building consumer trust.

He added that there should only be two main categories of advisers – qualified, including general and professional, and unqualified.

Kellard said: “While not ignoring many of the good proposals that feature in the 900 plus responses to the FSA’s discussion paper, the RDR’s prime aim must be to simply close the gap in trust and improve the business model so consumers understand and value what they are getting.”


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