Detail of the Retail Distribution Review (RDR) effective 1/1/2013
As eluded to in other sections of this website, our regulator passed legislation on 31st December 2012 meaning that commission payments were banned from this date on investments and pension advice, and replaced by Adviser charging. This will put a stop to disproportionately high commissions paid to advisers which previously didn’t reflect the amount of work actually carried out. The new regime will introduce transparent charging arrangements, agreed between you and us for specific services we provide.
The RDR also aims to bring in increased professionalism, partly by all advisers in the investment and pension arena to sit a series of examinations to ultimately achieve a Level 4 diploma standard. Our investment advisers have already achieved this diploma and obtained the required Statement of Professional standing certificate well before the deadline.