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RDR 'will encourage competition for graduate opportunities'

Published: Thursday, 21 October 2010   Category: Banking and Finance

The Retail Distribution Review (RDR) will attract young Britons to fill graduate jobs in the financial advice sector, it has been suggested.

Treasury financial secretary Mark Hoban admitted that the RDR - which was launched to address poor standards of practice - has not been welcomed by all advisers.

However, speaking at the Axa Elevate Partners' Conference in Hertfordshire, he explained that it should encourage university leavers to fill graduate positions in the industry.

"I believe that fresh new talent will be attracted to an industry with high professional standards," he said.

"Take-up for financial planning degree courses is increasing and research has found a clear upward shift in qualifications."

However, that view was questioned by Highclere Financial Services senior partner Alan Lakey, who told Money Marketing that graduates could be scared off when they see the industry is "regulated almost out of existence".

Meanwhile, Stephen Overell, associate director of the Work Foundation, recently claimed that the UK employment market will suffer for the next ten years as a result of the government's spending cuts.

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