The start date for RDR is creeping up on us. In less than 2 years, all commission will be banned for investment products and providers will need to support adviser charges if they wish to remain in the market.
All providers have been compelled to initiate expensive projects for the introduction of the new regulations. But what tangible benefits are they getting for this expenditure? Is it just a case of doing the minimum to achieve compliance or is the opportunity being taken to streamline the business processes and systems to make the company flexible and responsive in the dynamic post-RDR world, with its continued regulation creep?
These questions should be to the forefront of the mind of anyone involved in the preparations for RDR compliance. In too many cases, a minimalist approach is being taken – a sticking plaster to cover the wounds of inefficient, disparate systems that cannot provide coherent support for the distribution channels into the future.