The Retail Distribution Review has created an environment where expert, highly qualified and strictly regulated intermediation is the main platform for realising customers' financial aspirations.
The investment ‘value' chain is lengthening, however, with a growing number of actors on the stage, separating the wings of investor and investment. This has contributed to increased costs, misaligned incentives and reduced trust. Indeed, financial regulation's demarcation lines are contributing to that, by providing space for the creation of a burgeoning sub-set of ancillary services. Fund research has a plethora of players. The researchers' role is ostensibly to provide commentary and information on funds. Since rational investors will seek to avoid lower-quality investments, research ...
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