Other points raised by the survey include:
- Two thirds of advisers believe the Treasury Select Committee is right to call for a delay to the implementation of the RDR
- Just under 70 per cent believe there would be no customer detriment if the FSA allowed cash rebates into customer accounts held on platform to continue post RDR
- 87 per cent supported the introduction of a transitional period for the continued payment of legacy commission, to help advisers make the transition to a fee-based model
In other findings, a clear majority, 62 per cent, either agreed or strongly agreed that the introduction of a fifteen year long-stop for advisers is a more effective way of managing future liabilities than having specialist cover in place, such as professional indemnity run-off cover.
The FSA has recently made clear that it does not intend to defer the 1st January 2013, despite a report from the TSC calling for such a delay and given that several issues remain still to be resolved, such as the 15-year long stop and cash rebates.
Advisers are steadily preparing for the cut-off date, with a third of those surveyed comfortable with the currently qualifications deadline, although 57 per cent agreed or strongly agreed with the TSC proposal to put the qualifications deadline back by 12 months.
Of those surveyed, 79 per cent of advisers said they were already thinking of ways to segment their business to provide appropriate levels of service for clients after the end of 2012.
Matt Connell, Zurich's Manager, Government and Industry Affairs, said:
"The survey suggests that providers can play a strong and supportive role in committing to help advisers. Providers and advisers need to work together to ensure that there remains a solid relationship built on trust between both parties.
"There are also ways in which the FSA can support advisers, and we welcome the FSA's recent commitment to the Financial Conduct Authority to continue to look at the long-stop issue and seek a resolution."
Richard Howells, Zurich's Intermediary Sales Director, said:
"These results show that there is still some way to go in terms of addressing some of the issues surrounding RDR, such as cash rebates, legacy commission and the 15-year long stop. It is important that advisers are given clarity as soon as possible."
