According to a new survey from PanaceaIFA, 66 percent of advisers believe postponing RDR would have a positive impact on their business.
The information came in a survey on the Treasury Select Committee’s report on RDR, which recommended pushing the deadline back by 12 months. Respondents thought that a delay would allow advisers to obtain the necessary qualifications while continuing to service their clients, whole also giving consumers more to learn about fees. By contrast, 23 percent thought that a delay would have no impact, with a further 11 percent saying its effects would be negative.
The survey also illustrated deep-seated concerns over the RDR reforms themselves, with 62 percent of respondents saying that they would not be good for consumers. In addition, almost 67 percent thought they would lose clients as a result of the shift to a fee-based model.
The survey showed an extreme lack of confidence in the regulators, with 79 percent saying that the FSA would take no notice of the TSC’s recommendations. Furthermore, 94 percent of respondents believed that the incoming Financial Conduct Authority would be little more than a rebadged FSA.
Commenting on the findings, PanaceaIFA CEO Derek Bradley said: “If the regulator listened to the TSC, it would allow more time to qualify, time for FSA reflection and time for the Financial Conduct Authority and the EU to develop their future plans in tandem. And, more important, it will allow more time for firms to get up to speed with the new fee-based world that approaches.
“But remember this whole report counts for nothing if the FSA chooses not to act and its initial response was not a good one. If it fails to listen, I would expect to see a very fiery response from Parliament.”