Santander considers pulling out of face-to-face advice

I've thought for years:

RDR is the enemy of the banks and, potentially, the friend of the IFA.

Why some folk thought the banks would be RDR winners always baffled me.

I suspect the banks will be tempted to follow the post rdr route of offering "non advised" products where it appears you are still permitted to lead customers into investments using the same techniques employed by magicians with playing cards, you still earn commission, and the customer takes all the risk!

Of course, the regulator will step in a few years down the line and fine them anyway

I left working with Santander as a third party resource, last July. I highlighted advice and process issues to the Divisional Manager but he got the hump.

All things come around Mr F!! Ha ha!!

Banks will still come out the winners in the post RDR but not in the way we originally thought.

RDR has made small cases non-viable for IFAs so banks will still push unsuitable products on their 'punters', but there will be no advice process at all and therefore commission still deducted and caveat emptor will apply.

Time to buy bank shares anyone?

@ Sweet Revenge.

Glad to see someone with a good attitude on here. Go celebrate, Mr F will be feeling sick!

the head of Bancassurance resigns the night before this report and all advisers given notice. brave man. and he's ex FSA. was this not the same compan who suspend protection sales last year as they could not get them correct.

Not sure that many bank customers will ever 'buy' an investment or pension product from a bank that is not 'advising' them. Clearly these people have not been advised put sold the product previously and so with no one left to sell the products then there will be very very few willing buyers of those products.

The people to feel sorry for are those who have already invested and so will be left high and dry with legact products; no adviser available; and probably an unwillingness to engage with or indeed pay for independent financial advice.

I say all this having worked as an adviser at Abbey National between 1995 - 2003 and one who left voluntarily to become an IFA having seen the light!!!

@ Yaya T W

But leaflets will be stuck in the poor customers hands with a nudge and a wink - this is not advice but that's what I would do if it were my money. As if!

Jonathan, so it was you who sold me that rotten structured 6 year euro linked SCARPS in 2004 was it. The leaflet looked so promising as well. I suppose it is some concilation that you lost your money as well!

Only kidding Jo