Retail Distribution Review

Written evidence submitted by Rebecca Taylor, Dunham Financial Services Ltd

I understand that there has been significant lobbying to try to stop the progress of the Retail Distribution Review. I am not entirely sure that this is a political issue as this is what our regulator is for, however, it would appear to have become a political issue.

I am writing to make it known that there is a significant level of support for the RDR, but from my own company and my peers.  There are some serious flaws in the current system, of which the RDR will go a significant way to help remove these flaws.  I am not saying that it is a perfect proposal, but a significant step forwards.

I believe that the main issue is qualifications.  The current level is equivalent to a GCSE and absolutely must be raised.  I have no idea why advisers are so reluctant to improve this, we are only then moving on to a diploma level of education, hardly a level too high for most to achieve.  The main issue is that there are advisers in the industry too lazy to move forwards and progress and simply will not accept being ‘told’ what to do.  Personally I think we have a long way to go to be considered an equal to Solicitors and Accountants but it is where we aspire. Qualifications are part of this and this needs to continue. 

December 2010