Mortgage News
Money Magpie: all advice should be independent
The current scope of the Retail Distribution Review (RDR) is only a temporary measure which will be expanded to mortgage and insurance advisers in the future, according to consumer finance expert Jasmine Birtles.
Birtles, (pictured) who runs the Moneymapie consumer finance website, said she does not think the RDR goes far enough and expects the regulator will agree in the coming years.
“The RDR is a half-way house. It has not gone far enough. I would like to see all advice being independent and whole of market. I think the current rule change is only temporary.
“I think there are still gaps. I would like to see mortgage and insurance advisers included as well.”
Birtles thinks the reputation of independent financial advisers will improve because of the RDR, but added this could take ten years.
“The reputation of IFAs will definitely improve but it will take a decade to wash out the bad mis-selling practices. My ideal is that there is only paid for advice. I want to see more people going to financial planners with their whole family.”
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She also called for more financial education, as even “highly intelligent, well educated” people are not savvy when it comes to money.