Embrace RDR and please Joe Public

7 June 2010

Since I last contributed to these pages the political landscape has changed considerably, and with it the business landscape for financial advisers.

After just a few weeks of the coalition government an important architect of the strategy of our financial salvation, former chief secretary to the Treasury David Laws, has been kicked out.

So not for the first time hard-working brokers are left pondering what will happen to them not only as a consequence of the forthcoming emergency Budget, but also because somebody in a position of responsibility has abused the trust vested in them.

Listening to many of the arguments against and in defence of Laws I find it hard to see why his sexuality - he is gay - should be an issue in this day and age, and certainly not one anyone who has chosen to accept a high office of state in the 21st century should have to conceal.

Meanwhile, criticism has already been levelled at Laws’ replacement Danny Alexander, with some arguing that he does not have the appropriate experience or competence to do the job.

Alexander has countered that he is confident he can deliver the goods - just as financial advisers should be if they wish to be successful in the changing market landscape.

Brokers need to embrace everything that will be involved in the Retail Distribution Review. The sooner they address any shortcomings they may have in this regard, the sooner the public will accept them.

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