Retail Distribution Review

Written evidence submitted by Eamon McIlroy, PJ McIlroy and Son

It has come to our attention that apparently your committee feel that the majority of IFAs are in favour of what I can only describe as an ill-advised cull of small businesses in the financial services sector.

The RDR parts of which we agree with is being driven through without proper reference to the very people it’s there to protect, the public.

We are second generation in our family business which was established in 1960 by my late father and we have complied with the various organisations created by the government of the day and have continued to advise our long standing and new clients but we like many are getting very weary.

I would even say that we are totally disillusioned and frustrated with the incessant and continual diet of directives from compliance institutions who are supposed to be protecting the public and haven't even asked the public or properly  debated with their representatives what they say will be in their interests.

I have been as I have stated giving advice for in excess of 25 years and if I want to continue I will have to pass more exams which up until a few months ago hadn't been confirmed if in fact they were appropriate and I will have to do this before January 2013.

The CII who are one of the institutions driving the necessity for further academic qualification but then they provide the exams and collect the revenue stream which it creates, I have been in touch in early December to try to book an exam date in early 2011 at a location in N. Ireland but was told that it would be sometime in January before they would know if they could provide dates, this is really helpful when working to deadlines.

We do and have since 1960 and will always treat our customers fairly and give them advice which is in their interests we feel that some of the individuals and expensively constructed institutions which are pushing through this current legislation are perilously out of touch and driving through changes which will harm many who cannot afford to be harmed.

Forgive me for rambling on but I felt I couldn't let this opportunity pass without registering my voice against RDR in its present form.

December 2010