‘Mind the gap' used to be the most commonly used phrase by everybody in the industry from technology firms and product providers to adviser businesses.
That was pre-RDR, and to some extent it carried on through last year, but is not being used quite so much currently. So what happened to the advice gap? Things have not happened the way we all envisaged. There have not been pictures in the Daily Mail or Sunday Times of forlorn and adviser-less investors. Certainly the high street banks have been cutting back on what they call ‘advisers’ – who many would have called product pushers, based on their track records with PPI or precipice bonds. But is that because of the RDR? No, it is for risk reasons – namely the amount of mis-selling ...
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