RDR looks set to cost the Earth
This week saw the revelation that the real costs of RDR are going to exceed £2.5bn.
The cost of implementing Adviser Charging is set to cost the regulated advice world over £1.75bn alone and that’s before you look at the FSA’s own budgets for policing RDR which have tripled to nearly £13m see this link for the full story: http://www.moneymarketing.co.uk/regulation/fsa-stats-rdr-costs-could-reach-26bn-in-5-years/1067570.article.
Linked to the impact of RDR, we are currently running our own IFA opinion poll (further news linked to this will follow after Easter) from which early soundings indicate that nearly half of IFAs have found the period up to and through RDR to be the toughest period of their professional lives and many have had to alter their plans for the businesses ‘negatively’. Firms are focusing hard in 2013 on retaining their existing clients and making enough money to cover the loss of commission income streams as they fall away in the second half of 2013. These IFAs also give their verdict on what aspects of RDR were a positive move and what the FSA simply got wrong. More on these findings will follow shortly.
Tags: adviser, Adviser Charging, further news, IFA, opinion poll, RDR
This entry was posted on Saturday, March 16th, 2013 at 4:12 pm and is filed under Disclosure, FSA, Platform, RDR. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.