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RDR Interim Report: Fidelity praises outcomes but calls for quick implementation

Fidelity has welcomed the changes proposed in the RDR interim report and has called for quick implementation to prevent the industry going around in circles.

Fidelity head of IFA channel Peter Hicks says the group is particularly happy with the introduction of sales and advice over the tiered advice system, while the guided advice proposition will benefit both advisers and fund providers.

Sales would be divided into both guided and execution only, while the advice sector would be independent and would decide remuneration without product provider input.

He says: “The guided sales option could offer a win-win situation for both fund providers and advisers as it would offer a middle-ground by allowing guidance – such as using a platforms tools – that leads to a sale.”

“These progressive steps should be implemented as soon as possible though some reviews have to be made. We do not want to go around in circles that would damage the industry and in particular the consumer.”

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