With seven weeks to go before the retail distribution review (RDR), what will happen next year? Let’s gaze into the crystal ball and imagine.
In January, several newspaper articles protest, incoherently, that now consumers must pay for financial advice. In February, a trade magazine claims the RDR, like the Y2K millennium bug, was a storm in a teacup.
In March, a network closes, burdened by reducing membership and increased professional indemnity premiums as past liabilities come home to roost.
In April, the Financial Conduct Authority (FCA) seeks to clarify its definitions of independent and restricted, and this leads to more confusion than ever.
In May, mergers and acquisitions between adviser firms exceed the total number for the whole of the previous year, but the amount of money paid shrinks by 50%. In June, as the result of a thematic review, the FCA fines several product providers for offering massive marketing allowances to advisers.
In July, a new TV programme on how to do your own financial planning is fronted by Martin Bamford.
In August, Vanguard has record UK fund inflows, and exchange traded fund providers slash their charges.
In September, the FCA yet again delays banning fund manager rebates to platforms. In October, it announces a consultation on regulating paraplanning.
In November, several chartered firms with exceptional quality of service report they are under intense pressure of consumer demand, and raise their fees.
In December, Oxford University announces its first honours degree course in financial planning.
Editor Daniel Grote is away