Comment: Who is judging the judges on fund selection and ratings?

The implementation of the RDR was intended to stamp-out bias in the area of investment advice.

Three years on, although adviser charging structures have changed, the fall-out (foreseen by some) of the RDR and other regulations has been to create a new kind of 'bias'. In many ways, this is also more dangerous as it is less obvious than the problems created by commission payments. As we know, the burden of regulation has pushed more advisers into outsourcing their investment decisions and into the hands of a select number of gatekeepers, who are estimated to control between 50% to 70% of flows in the UK (many would suggest the reality is nearer the higher end). This in turn has l...