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What you’re saying about RDR and the pensions crisis | Trustnet
Trustnet / News & research / What you’re saying about RDR and the pensions crisis

What you’re saying about RDR and the pensions crisis

06 July 2012

Articles focused on two of the fund management industry’s most emotive issues engendered some lively debate among our readers this week.

By Mark Smith

Senior Reporter, FE Trustnet

While some investors this week worried about the real cost of RDR, others queried how best to look after themselves in their dotage. 


"Is anybody stupid enough to believe platforms are free? If RDR prevents platforms from receiving commission from fund managers they will charge their clients directly. This will not matter if there is a corresponding reduction in fund management charges but looking at what is charged by fund managers to investors who go direct to them, this seems unlikely. As a small investor I strongly suspect that ‘transparency’ is a luxury that is going to cost me dear." 
Roy Harding comments on the FSA’s decision to ban fund managers from giving payments to platforms


"Even though I invest primarily in shares, the RDR looks like it is going to result in me paying extra fees. Currently my plan is to leave things as they are and then move my money once the dust settles." 
Christopher Power says he will be worse off when the rules change next year


"Just been going through the numbers on my new account charges and thanks to the FSA’s decision to ‘try and protect the consumer’ I am so far £192 out of pocket. I have worked jolly hard to keep my dealing and account costs to a minimum by reading through the small print, choosing the correct platforms for my needs and making sure I understood what I was being charged for. Now due to the FSA’s decision to protect me, I am to be penalised for my hard work and efforts." 
Jovan Blesic is another investor out of pocket because of RDR 


"I have spent too long in compliance to say that all was rosy with some of the advice given, but higher qualifications will make absolutely no difference in the long-term and the rise in base cost will remove proper advice for the majority of the population. Idiots, politicians and business consultants like simple answers; life is not like that." 
Jeremy Edwards clearly doesn’t believe RDR is in investors’ interests either 


"I do not envisage our fees increasing as a result of RDR – what I hope to see, however, are clients who are more aware of the cost of the advice they are receiving and the actual cost involved. Yes, people can do their own research etc but they can also be their own accountants, tax experts and lawyers. For many, however, they do not want the hassle." 
IFA Paul Stocks looks at RDR differently 


"Lack of enjoyment is the main reason people will leave this industry and being branded a near-criminal by the media and public just for having some remote association to the tossers that run our industry. Take the Barclays mob last week and a thousand other scandals caused by similarly high rollers in this scumbag industry. Whilst the FSA does what exactly? Issues a fine to those with billions and prosecutes those without." 
John Brady hits out at the few who sully the financial industry for the many


"I put only as much in my pension as I have to; I loathe annuities and financial repression with all my heart and thank God that I know how to manage my own money so as to avoid the swingeing charges which – unlike investment growth – are guaranteed. Only now I find that the equity markets are so volatile that no sane person can rely on investments alone for retirement. If I had known 40 years ago what I know now, I would have taken the Civil Service job and pension I was offered. Public servants don't know how thickly their bread is buttered with others' taxes." 
One anonymous reader wishes they had the benefit of a crystal ball when they chose their career

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