Shaughnessy: RDR must focus on savings gap

Fidelity UK managing director Gary Shaughnessy has urged the industry to focus on the implementation phase of the RDR to ensure costs are kept down and advisers emerge better equipped to deal with the UK's savings gap.

The FSA recently unveiled its RDR Policy Statement, which outlined new rules on adviser charging to cut out commissions set by product providers. It also released a Platforms Discussion Paper that suggested the regulator was favouring an unbundled pricing model and banning product provider payments to platforms. Shaughnessy says the challenge for the industry is to ensure the RDR is implemented effectively. "The outcome we need at the end of it is to have advisers who are better equipped to deal with the fact we have a massive savings gap in the UK. My worry is the UK needs more ad...