I have mentioned that from January 2013 all financial advisers must operate on a proper fee system and not be remunerated by commission. There are is also the matter of higher qualifications and the not small matter of higher funds in reserve. Forward thinking financial advisers have been preparing for some time (you may recall that when I set the firm up in 1999 I did so on a fee basis). However there is a real concern that the number of advisers will decline dramatically as many aspects of what our industry call RDR (Retail Distribution Review) are poorly thought through. MPs on the Treasury Select Committee have put together their own report which advises a 12 month delay to RDR, giving more advisers the chance to get their businesses in the right shape and get themselves properly qualified. The FSA are due to consider their report. The main concern for MPs is that fewer people will be able to access financial advice. Whatever the outcome, I am working on the assumption that 31 December 2012 is the deadline.