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Tory candidates slam ‘destructive’ RDR

Conservative Parliamentary candidate for Wyre Forest constituency Mark Garnier has warned that the retail distribution review is “incredibly destructive” to IFA businesses.

He believes that advisers will not be able to achieve all the RDR proposals by the 2012 deadline.

Garnier, together with Worcestershire-based Conservative prospective Parliamentary candidates Harriett Baldwin and Robin Walker, met with local IFAs this month to discuss the impact of the RDR.

They agreed to submit a joint response to the RDR consultation and ensure that the Conservative front bench “is fully aware of the views of the IFA community”.

Garnier says: “These proposed changes are too much for IFAs to be able to handle in one go. There are many people who have a lifetime’s experience of financial advice who will be required to study for upwards of 500 hours before taking exams.

“Not only is this incredibly destructive to their businesses, it also completely ignores their experience. IFAs provide a very useful source of independent advice and they should not be hounded out of business by the FSA.”

But Tower Hill Associates director John Lang says: “I do not have much sympathy for the argument that IFAs should not have to get higher qualifications. My sympathy does stretch to perhaps extending the study deadline by a year, but I do not want to see any grandfathering.

“IFAs and consumers want to create a profession and watering down the proposals is not going to get us there.”



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