25th May 2012

You've got the exams, changed the business model

The FSA assures the IFA community that RDR is in the customers benefit. However, seemingly no one had surveyed IFAs on how their clients feel about the impending changes in regulation. Therefore, at the end of 2011 Panacea ran a survey asking IFAs if they believe their clients see the RDR proposals as a benefit as well as measuring how much they really know and understand.

 From over 740 IFA responses it is clear that consumer awareness is very low and following a meeting between Panacea and the FSA, we have become ever more concerned that there is no "Cunning Plan" at the FSA to educate consumers, and especially consumers who have an IFA relationship. 

Consequently, on 23^rd May 2012 Panacea held a free question time event, which was kindly hosted by Schroders and chaired by Derek Bradley, CEO Panacea.  He was joined by a panel of industry experts, which included: 

• Karen Barrett, Chief Executive, Unbiased
• Richard Hobbs, Head of Lansons Regulatory Consulting
• Nick Cann, Chief Executive, Institute of Financial Planning
• Gill Cardy, Managing Director, IFA Centre
• Garry Heath, former director general of the IFA Association 

as they gave their views on how IFAs can: 

• best communicate changes to their clients
• how the FSA should get involved
• how best to provide clarity over the costs of advice pre RDR to counter post RDR objections 

They then answered questions from the floor.  

Read below the press coverage from the event. 

RDR should be stopped: Former IFAA head

FT Adviser

A former IFA industry body head has raised concerns that investors will be without financial advice because of the RDR and said it should be ...

Panacea Events, RDR