Almost 80% of advisers back MPs' call for RDR delay

A survey conducted by The New Model Business Academy (NMBA) has found that 79 per cent of the IFAs support the Treasury Select Committee's (TSC) recommendation to defer the implementation of the Retail Distribution Review (RDR) by 12 months.

Lee Travis, head of business at NMBA, said the results, based on around 500 responses from advisers, were not a surprise.

He said: "At the academy we see the very real steps that advisers are making to get qualified and the general direction of travel is extremely encouraging, although concerns still exist around time frames, gap fill and lack of alternative assessments.

"The concerns raised were generally centred around the amount of grey areas still awaiting clarification at this late stage and whether advisers could meet the current timeframe without any deterioration to the level of service they can offer to their clients and the impact on revenue."

Mr Travis said the reaction from the advisers who participated in this survey was not the knee-jerk negativity seen in the early days of the RDR, but rather a rational and clear plea for more time.

He said: "Most advisers are still willing to embrace the principles of the review, but want more time to ensure they can implement all the necessary changes properly – in these circumstances I do not think it is unreasonable for advisers to request more flexibility and clarity from the regulator."