Retail Distribution Review (RDR)

RETAIL DISTRIBUTION REVIEW (RDR) – Prest Financial Services Ltd

The Financial Services industry goes through another huge structural change at the end of 2012 (known as RDR) and here at Prest we welcome these forthcoming changes which will see the minimum qualification levels for Financial Advisers increase significantly (to what is known as Diploma, Level 4) with all the adviser team at Prest having achieved this higher qualification level, with several of our advisers led by our Director Mark Livesey achieving qualifications well beyond this new more exacting minimum standard.

Coupled with these new adviser qualification requirements, RDR also sees that traditional word ‘commission’ at last disappearing altogether from the financial services landscape and those few remaining adviser firms still reliant on this opaque way of earning their living will also cease to exist — this is a change we welcome and in our view is long overdue.

The present Prest strategy of ‘customer agreed remuneration’ and/or time costed or fixed fees is already perfectly suited to the post-RDR world and we know our regular existing clients fully understand our need to remain commercially viable and be in a position to improve our future resources enabling our already robust investment proposition to continue to develop.

2013 is forecast to be a watershed year for the financial services industry and having survived and thrived in the past, Prest Financial can assure its clients that we intend to be here for them long into the future. Please speak to your usual adviser contact if you have any questions about RDR and how you remunerate Prest for our services.