Tenet is calling on the Treasury select committee to broaden its RDR consultation, saying it is too narrowly focused on adviser qualifications and the abolition of commission.
Tenet says this Wednesday’s TSC meeting on the RDR must widen the debate to include the impact that regulation is having both in terms of cost and contraction of a market whcih should be growing.
Tenet distribution and development director Keith Richards (pictured) adds a review of UK regulation is required.
He says: “A fundamental review of UK regulation is desperately needed and we have to especially take into consideration the rules coming out of Europe, rather than keep pretending that we are simply a couple of years ahead and the rest will catch up with the UK eventually.
“The majority of IFAs have simply had enough of ineffective and intrusive regulation which not only generates significant cost, but has led to poorer outcomes for both the industry and consumers.”