David looked at changes happening as a result of RDR from the point of view that the planner's contract was with the client in a manner that has not existed before. These changes bring added responsibility for planners to better understand exactly who they are working for when delivering their service.
David based his talk on some of the IFP's own code of ethics. He examined certain practices carried out by some providers and compared these against one or more of the codes.
Delegates also discussed the additional due diligence that planners will now need to carry out as the nature of relationships change.
Planners will need to have more detailed knowledge of the providers they are using, how they work and most importantly, the risks that they may bring to the business. It was agreed that while it is almost impossible to eliminate risks, it's important to know what the risks might be and to have some plans to reduce or control them where possible.