22 Jun Aviva Survey Highlights Increased RDR Preparation

Aviva's Dean Lamble has revealed that the group's latest Hot Issue Tracker survey has shown that many companies are better prepared for RDR than previously believed. This has led to an increased belief that the eventual changeover to the new system in 18 months time will not be as much of a shock to the system as many believed it would be. However the survey revealed that the upcoming regulations were still high on the list of priorities for many firms, with 49% claiming RDR remains their greatest concern over the next 3 months, with a further 38% citing the need for a new advisor in relation to the matter. Firms are also seeking to consolidate their existing client base in the build up to the introduction of the RDR, with many aiming to avoid the extra costs associated with chasing new business by 2013, with the importance placed on recurring income from existing clients highlighting the RDR-readiness of these firms. According to ifaonline.co.uk, 85% commented that recurring income accounts for between 1% and 70% of their business, but while 20% say they expect it to remain the same, 77% say they expect this to increase over the next two.