This is a rule/law that has numerous unforeseen consequences. It is trying to address something in entirely the wrong manner. Professional qualifications – great. However, strongly impose standards to excellent behaviour on firms and allow the Market to provide advice to the general public. RDR will mean fewer people will receive financial advice, something that history has proved needs to be sold. A balance has to be present to enable advice to be provided and the public to obtain fair returns. RDR will mean a approach with the same success as stakeholder pensions. I.e. A disaster for all
Why does this idea matter?
To enable the general public to access financial advice when and how they need it and for firms to financially to afford to provide that advice. Fee based advice and pull only financial services propositions do not work.