I had to smile when I heard from a product provider last week that some advisers are struggling with a few basic elements of the Retail Distribution Review (RDR).
One advisory firm apparently submitted client applications with the ‘adviser charging' section crossed out and replaced with the words ‘3% commission'. A member of the admin team picked up the ‘mistake' and assumed it was an error, until they realised a whole bundle of applications had been altered. Of course, it did not take a compliance officer to point out the applications could not go through and they were dispatched back to the adviser firm. I have yet to hear the outcome of the conversations between provider and adviser, but what are the conversations with the individual clients...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes