21 Jul Chief Executive of Panaxea Comments that RDR may Lead to Mis-Buying

Derek Bradley, the chief executive of Panacea, has recently commented on the upcoming RDR. He believes that the changes in regulations will lead to more people buying annuities online. This, in turn, could lead to mis-selling due to consumers lacking the financial planning knowledge required. He said "Opinion is divided about the way the market will work after the retail distribution review. Some believe it will benefit IFAs who have already made the change to encompass a fee-paying proposition. "Others see an unintended consequence where a significant part of the population that currently benefits from advice will no longer be able access it in the future. "There is certainly a danger that growth in technology could mean more people rely on this for their financial planning. They believe buying on the web through a guided process c an replace advice. "However, with ever-evolving and increasingly complicated variety of solutions, there is a real danger of mis-buying becoming common practice."