Andrew Fisher, chief executive of national IFA Towry, has lambasted rival advice firm St James’s Place (SJP) over its transition to the retail distribution review (RDR).
Speaking at a Marketforce conference on the future of distribution, Fisher said tied network SJP would continue to remunerate its advisers with commission after the RDR.
Fisher (pictured) said the RDR had focused on distribution, how products were marketed to clients rather than enhancing the advice process, and predicted a second piece of regulation from the Financial Services Authority (FSA) called the retail advice review.
He said that it would be necessary for more regulation post RDR because 'you're not going to get the whole industry to change overnight'.
'One of the most financially successful [firms] in financial services today is a network of ARs, which operates entirely on commission and will continue to do that next year, which is St James's Place.
‘Their movement towards the RDR has been brilliant in terms of changing the word commission to fee which is quite extraordinary.'