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ABI and CII reject year's delay plan

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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.”

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