ABI and CII reject year’s delay plan

The Chartered Insurance Institute and the Association of British Insurers have rejected the Treasury select committee’s call to delay the implementation of the RDR by a year.

The TSC’s report on the RDR recommends that advisers should be given an extra year to comply with the RDR, including the requirement to achieve a QCF level four qualification.

The FSA says it remains committed to the existing time-table of January 1, 2013.

CII director of policy and public affairs David Thomson says: “For the advisory community, further delay will serve to increase uncertainty and undermine the positive mom-entum that has built behind the RDR. We believe the pub-lic is hungry for a financial advice sector that has earned parity of esteem with other professions.”

The ABI says sticking to the current RDR timetable will give customers a better experience when they get financial advice.

ABI director of life and savings Maggie Craig says: “It is imperative not to lose sight of the RDR’s overall objective which was to make things simpler and more transparent for customers.

“The ABI does not feel that a compelling case has been made for a delay on advisercharging. We hope that the financial adviser community should not need a delay in order to obtain the relevant qualifications.”