Welcome to the third edition of viewpoint, Harris Interactive’s UK financial services newsletter.
In this edition we take a look at the Retail Distribution Review focusing on the need for regulation, the changes coming into force and the implications and challenges being faced by the industry.
In 2006 the FSA announced it was to review how financial advice is sought and paid for - since then it has become somewhat of a ‘hot topic’ within the industry.
Historically, when focusing on investments and advice, some within the industry have treated customers quite poorly.
Consumers have suffered from the mis-selling of personal pensions, endowment mortgages, high income bonds as well as the collapse of both Equitable Life and Barings Bank amongst others.
With little or no protection from the government, consumers have been left to their own devices and have had to pick themselves up, dust themselves down and start again.
We cannot therefore be surprised that when consumers seek professional advice today, they have a number of concerns that primarily focus on the safety and security of their investments, adviser self interest (commission levels) as well as the return they can expect to receive.
We hope you find this newsletter useful.
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