Retail Distribution Review

Written evidence from Councillor Martin Weale

I read the article on the front page of the 9th December edition of Money Marketing with interest.

I am an IFA and have been in the industry for over 30 years. I have already achieved chartered status, so the forthcoming qualification requirements hold no fears for me.

The fundamental problem with the RDR changes is that they will remove good advice from the reach of the majority of the population. This majority will have to rely on the banks, which always overcharge and offer poor advice, or Money Mail, which is first class at predicting change after it has happened and has no responsibility for the consequences of its articles.

The FSA has itself admitted that it only persisted in pursuing RDR in order not to lose face. I don't care if they lose face. They are supposed to be public servants. The public will be very poorly served should RDR reach implementation.

Most people do not live in London. Most people do not conduct business in the City of London. For the majority, the old commission-based system has served them well. It has not prevented those who do want a fee-based professional relationship from having one. There is no public clamour for this change. The demand for change comes only from a discredited FSA.

I am happy to expand on any aspect of this subject, should you wish.

December 2010