Professional, independent advice is needed now more than ever; thanks to recent changes to pension regulation thousands of investors have access to considerable savings at retirement. Many of these investors have limited financial literacy, yet are tasked with the responsibility of securing multi-decade financial provision.
Prior to the implementation of the Retail Distribution Review (RDR) in January 2013 the majority of investors dealt with an adviser – whether it was on a regular basis, or to offer periodical advice at key life events.
The then Financial Services Authority implemented RDR in a desire to improve professional standards, and remove the potential for advisers to recommend products based on commission. While there was considerable angst in the period leading up to the change it is now viewed as a positive move.
The pension freedoms put a greater onus on the individual to provide for themselves in retirement – coupled with the changing regulatory landscape and Britain’s exit from the European Union is creating a perfect storm for financial advice and professional investors.
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