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Mark Hamill, managing director of Workload Financial Business Consultants, pointed out that the RDR scheme is good news for the market as a whole, as it imposes strict standards on the advice offered by such professionals.
But with just 5.4 per cent of IFAs telling MyTouchstone they are ready for the initiative, there is a long way to go before consumers can benefit.
"This leaves a large proportion of IFAs not prepared when the new rules come into force. However, the numbers may change when we publish again in quarter three," added Mr Hamill.
The RDR scheme, which applies to all advisors in the retail investment market and will come into effect on December 31st 2012, seeks to ensure consumers are given access to a fair and transparent charging system and clear advice on services from qualified professionals.
Posted by Chris Weaver
