On 24 January, an event was held in London to mark the tenth anniversary of the Retail Distribution Review (RDR). Since the end of 2012, the regulatory package has banned commissions for all types of investment products in Great Britain. The managing director, Norman Wirth, was for the German mediators’ association AfW.
The event was attended by representatives from financial regulators, associations and consulting firms. “Great Britain’s experiences can be described as ambiguous”, Wirth said after the event. “RDR means there is more quality and more trust in counsellors, but there is a huge gap in counselling, particularly among the population groups that need it most.” Therese Chambers of the British financial regulator FCA found that many consumers are keeping theirs. Instead of investing the money in cash, they lose the opportunity to make their money perform well in the long run.
So Wirth advises against introducing a ban on commissions in the EU, which is currently being debated in Brussels: “The German government has very consciously and for good reasons avoided including a commission cap or a commission ban on its agenda. The lack of consultation for a large part of the population would be enormous and not desirable. On the contrary. Risk prevention And there should be initiatives towards more incentives to seek independent advice on old-age arrangements, and not cut off middle-class and low-income groups from urgently needed personal advice.
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