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RDR CP: DA firms “highly engaged” with RDR

Directly authorised firms appear to be “highly engaged” with the retail distribution review according to a research paper for the FSA.

Deloitte surveyed directly authorised and appointed representative firms and says that a clear majority of DA firms felt they knew the subject matter reasonably well.

In contrast, the consultancy firm said there was a low response rate from AR firms. It said this may reflect their lack of direct engagement with the FSA and a sense within these firms that their network provider deals with issues such as the RDR.

Of DA firms, 9 per cent think they will move to the non-independent sector and 4 per cent think they will exit the market altogether.

Around half of the DA community either already operate adviser charging or feel their firm would find it easy to adopt this.

One in five DA firms think it would be difficult for their firm to adopt adviser charging – either because they believe their customers would not pay the charges or that customers would not be willing to pay a high enough level of charges.

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