Martin Davis, chief executive, Cofunds
There’s no escaping the use of the words ‘change’ and ‘flux’ when describing 2012.
The rate of change has been matched by its constancy, so much so that it feels like it’s become the norm.
The message from the Financial Services Authority’s most recent platform consultation paper was clear: life is going to be easiest for those platforms, advisers and fund managers who embrace pricing in its simplest form.
This is an essential step towards enabling people to accurately assess the value of the service they’re receiving - resulting, one would hope, in a shift away from a preoccupation with knowing the price of a service without an appreciation of its value.
One highlight of 2012 was fund groups embracing the move to clean share classes. It’s demonstrated a real support for (or at least a real acceptance of) simple, transparent charging and that’s got to be good for end investors.
Looking ahead to next year when change gives way to the new norm of getting on with it, there will be a prolonged bedding-in period and we should expect disturbance pain in the first six months.
But advisers will adapt and ultimately thrive under RDR.