Geoff Mills: Let's be clear, managers cannot buy fund ratings

Adviser pays model 'too simplistic'

Geoff Mills, director at fund research and ratings group RSMR, hits back at the recent Gatekeepers report which raised questions about best buy lists.

In the post-Retail Distribution Review (RDR) landscape, I am encouraged by the positive steps taken by advisers to re-model their businesses, embed much more rigour into their advice process and recognise that a shift from commission to fees was an inevitable step in the move to creating a more professional advisory sector and gaining back trust with investors. Of course, the RDR threw up some unintended consequences and no doubt the numerous Financial Conduct Authority (FCA) thematic reviews now underway will provide greater clarity and guidance in these areas. One area that occasion...