800 Santander Financial Advisers Suspended
Published / Last Updated on 09/12/2012
800 Santander Financial Advisers Suspended.
The Retail Distribution Review (RDR), where all advisers must agree a fee for financial advice, had a dramatic effect on banking groups. Many banks have closed their financial advice arms entirely.
Santander is the latest to make its move. It has taken off the road all of its 800 financial advisers for retraining.
Santander claims that all its advisers have achieved the necessary financial advice minimum level qualifications, but has still taken them off the road to train up knowledge gaps on fee advice now that commissions are technically banned with effect 01 January.
Our view
It will be interesting to see what Santander’s new advice model and charging structure will be. We cannot imagine them dropping their levels of income usually received from commissions, so no doubt the training will to be with how they “sell” a new transparent agreed advice fee to clients.