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Towry Law says RDR proposals not enough

Towry Law says it is ‘unhappy’ with the RDR proposals to expand the definition of what can be called a fee and says the new arrangements may not go far enough to “clean up” the current system.

The FSA’s proposals on fees say the definition of a fee should include an advice charge agreed with a customer.

Certified financial planner Patrick Connolly says: “These proposals don’t go far enough. We need to clean up the current system and move toward the abolition of all commission payments. This seems to be a stepping stone
in that direction.”

He adds: “There is a perception among some people that financial advice should be free. But people at lower income levels don’t need access to financial advice as much as they need to concentrate on debt reduction. What we need is a system whereby those getting financial advice are getting
appropriate, quality advice.”

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