Advisers back Tories to lead industry forward

The Conservative Party best understands the requirements of the financial services industry, advisers say.

A poll of 500 intermediaries by software provider 1st-The Exchange found more than two thirds (68%) believe David Cameron's Tories are best-placed to lead the financial advice industry forward post RDR. Just 17% backed Labour.

The transition from commission to fees was cited as the area that would require the most work by 45% of respondents, followed by the move to a higher minimum qualification level (35%). Other challenges mentioned include updating their technology systems.

David Child, managing director of 1st-The Exchange, says: "Despite the fact some firms are nervous about moving to a more fee-based business, the good news is that with the right technology and e-services in support, achieving this should be a much simpler and ultimately very rewarding experience."

The Conservative Party continues to lead most UK polls although forecasts of a hung parliament - one in which no one political party has an outright majority of seats - remain.