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The majority of advisers believe customer-agreed remuneration should apply across all forms of financial advice, a survey of attendees at Norwich Union's retail distribution review roadshow events has found.

Customer-agreed remuneration should apply across all types of financial advice, a survey of attendees at Norwich Union's Retail Distribution Review roadshow events has found.

The feedback comes from 120 attendees out of 330, who completed questionnaires at Norwich Union's RDR events, held in Manchester, Leeds, Birmingham, London and Edinburgh in March.

According to the questionnaire results 77 per cent of advisers felt customer-agreed remuneration should apply across all forms of advice, while 13 per cent neither agreed nor disagreed and, 10 per cent disagreed completely. The survey also found that 85 per cent of respondents felt that a financial adviser should be a member of a professional body in order to be allowed to practice, while 8 per cent were ambivalent and 7 per cent disagreed completely.

Attendees were also asked whether the minimum qualification for financial advisers should be equivalent to the Chartered Insurance Institute's diploma in financial planning, and the results showed that 72 per cent of those surveyed felt this should be the minimum standard. A further 17 per cent of respondents were ambivalent and 11 per cent totally disagreed with the proposition. Interest in Norwich Union's Financial Adviser academy, which helps advisers reach this diploma level, was also strong, with 79 per cent of advisers pledging their interest in enrolling to the academy.

Steve Gay, director of distribution development for Norwich Union, said: "I do not think the fact the majority of advisers said customer-agreed remuneration should be applied across all forms of financial advice is entirely surprising as I think that number has been moving northwards for a number of months. One of the things that has always stuck in the claw of IFAs is the perception that there is not a level playing field between themselves and tied advisers working for banks. The view that customer-agreed remuneration should apply to anyone who calls themselves an adviser, whatever their model, is something that finds favour as IFAs think there should be a level playing field."

Mr Gay added: "It is very encouraging that so many adviser agree that the minimum level of qualification should be a diploma, but of course this presents a huge challenge for the industry as the majority are not currently at this level."

Mike Shaw, managing director of Cardiff-based Hedley Asset Management, said: "For the graduates that the industry is hoping to recruit, it is fine to expect diploma level, but you have lots of older advisers who can’t face going back to school. I’m 66 and have taken a couple of exams over the past two years, but I think I am in the minority. Some older advisers might retire rather than taking the exams and a huge amount of experience would be lost to the industry as a result."