Cummings, who has been representing UK IFAs in Brussels this week, says if the UK had the same clarity in the RDR a clear separation of advice from sales would have been more achievable.
In his blog, he says: “The Commission may well drive through the changes that FSA seems resistant to do.”
Do you think advice, intermediation and distribution should be looked at in isolation?
Now that the RDR is nearing the final stages of consultation, do you want to see a clear split between advice and sales, or is the restricted advice label a good compromise?
Do you think the EU are likely to introduce wide-reaching changes to the intermediary market mid- or post-RDR?
Post your comments below.