Director Mick McAteer said the European Commission has lost patience with the disparity between national regulators across Europe. He said the commission’s measures for dealing with the financial crisis will focus on systemic, macro-prudential, micro-prudential and financial stability issues but the IFA sector will be strongly affected.
He said: “You haven’t seen anything yet, you are going to be hit by a tidal wave of reforms coming out of Europe and you had better be ready for that.
“The European Commission is fed up and has lost patience with the way that the different national regulators in the EU member states regulate different products. One of the priorities of the commission now will be to harmonise the way that different products are sold in different member states and the RDR will be influenced by that, not by some internal logic.”
Baigrie Davies managing director Tom Baigrie said the IFA community has suffered an “inept regulator” for 20 years, that has done nothing to improve the public image of advisers.
He added that advisers must now rely on their own skill sets and micro brands to improve consumer trust in the sector.
He said: “We are moving into an area where small business, in terms of the economic drivers, is likely to be much more successful than big business.”
Debate sponsored by Aegon, Clerical Medical and Prudential