The FSA's Retail Distribution Review, due to be implemented in 2012, affects the payment of commission, qualification requirements and how advisers define themselves. Client managers will have to attain qualifications to do business and, crucially, will not be able to accept payment via commission from product providers.

Early estimates of the number of advisers forced to quit the industry or merge with larger rivals was originally mooted at 10 per cent of the market but, more recently, this number has grown to 50 per cent as more and larger advisers admit doing business will no longer make sense.

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