FSA to publish new RDR paper next month
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A new RDR consultation paper to be published next month will include a look at potential read across to pure protection and group personal pensions.
The move was revealed today by FSA director of conduct policy Sheila Nicoll at the Tisa annual conference in London.
Nicoll said the paper will address the governance arrangements surrounding the raising of professional standards for advisers and also potential read-across into the protection and GPP markets.
In June’s consultation paper the FSA asked firms what consumer detriment, if any, would arise if it implemented the RDR proposals for the sale of retail investment products and took no action on regulating the sale of pure protection products. At the time the FSA said: “We would welcome any evidence on this.”
However the industry voiced concerns over including protection in the RDR, claiming it would leave a large number of the UK population underinsured.
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Readers' comments (5)
The Real Consultation! | 18 Nov 2009 5:10 pm
In June’s consultation paper the FSA asked firms what consumer detriment if any, would arise if it implemented the RDR proposals for the sale of retail investment products. The (FSA) did this via a templated website designed illicit the answers the FSA wanted to hear. Meanwhile the real consultation was signed by 2,579 IFAs who said that they believed FSA policies have and will prove disastrous to both businesses and consumers alike!
http://petitions.number10.gov.uk/FSANOCONFIDENCE/
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Level 4 exam question | 18 Nov 2009 5:23 pm
2,579/ 20,000 IFAs X 100 = 13.95% of IFAs. How many participated in the sham FSA consultation?
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Alan Lakey | 18 Nov 2009 6:12 pm
It is increasingly evident that 'consultations' appear to be exercises designed to show engagement with the industry.
The reality is that an agenda has been set and the 'consultations' are fake.
Shame on them.
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Anonymous | 19 Nov 2009 1:00 pm
Consultations are the FSAs pretence that they give a *@%&@ what the industry (banks excluded) thinks
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Ian McKenna | 24 Nov 2009 4:48 pm
You can tell there is a holiday season approaching, the FSA are planning to release another RDR document. This has become a regular pattern during the last few years, summer or winter they come up with something to read over the holidays.
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