The Retail Distribution Review (RDR) was set up with the aim to improve clarity for people who are looking to invest, raise the professional standards of advisers and reduce the conflict of interest which is found in remuneration for adviser services.
The key proposals of the RDR are: Raise professional standards through requiring all investment advisers to be qualified to a new, higher level, introducing a code of ethics, enhance standards for continuing professional development and introduce a new standard of professional standing. These new standards will be maintained and enforced through the creation of a Professional Standards Board, which will be implemented by making greater use of FSA's existing powers in the Financial Services and Markets Act (2000).
Voyant and RDRWe saw first hand how the industry was doing the very least it could to sell products and meet a minimum suitability standard. Voyant was started before the market meltdown. Our reasoning was simple. As the Internet made financial information more accessible to all, consumers would demand better service from their financial institutions and advisers. The FSA is now specifically defining that for an adviser to meet the suitability standard they must have a deep understanding of a client's financial condition.
Voyant was designed so the consumer provides the financial data and personal information such as needs and goals, while the adviser provides the professional expertise. We developed Voyant as a technology based solution which allows advisers and consumers to collaborate on all aspects of a clients financial future and see with a higher level of detail the potential risks and possible rewards of different investment, savings, spending, and borrowing scenarios.