FSA: "We have listened on RDR"
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The FSA has defended itself against suggestions it has not listened to concerns about the retail distribution review, suggesting the RDR has involved more industry consultation than any other initiative it has carried out.
Speaking at the Tax Incentivised Savings Association annual conference in London yesterday, FSA head of investment policy Peter Smith said differences of opinion on the wisdom of the RDR will undoubtedly remain among some of its critics.
He said: “The RDR has emerged from what is now four and a half years of work involving more formal and informal consultation with industry stakeholders than anything else the FSA has ever done.”
Smith added that the FSA could not be accused of not listening to the industry throughout the RDR consultation period.
He said: “A number of stakeholders will say ‘the FSA just does not listen’; this is a common criticism of regulators. I think the reality in this particular process is that we certainly have listened. We have not agreed with everything we have been told, but we certainly have listened.”
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Readers' comments (55)
Anonymous | 18 Nov 2010 1:17 pm
I do not dispute that they have listened. What I will ask is will they have taken any notice? This I doubt 100%
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paul | 18 Nov 2010 1:18 pm
Yes, but what part of the industry have they listened to? It does not appear to be the average IFA.
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Anonymous | 18 Nov 2010 1:19 pm
Listened and ignored
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Anonymous | 18 Nov 2010 1:19 pm
I have read some rubbish but this beats all. FSA have listened in one ear and out the other. If they had listened then why have they taken no notice of all what has been said. They are just trying to cover themselves for being totally arrogant.
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Tom IFA | 18 Nov 2010 1:21 pm
Who the hell are the Tax Incentivised Savings Association - sounds like it was fun!
I do hope Peter hasn't missed out financially on the night and puts in a heftyx's claim. Cynical me - never!
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Michael Fallas | 18 Nov 2010 1:22 pm
If they had listened then why are there so many issues and concerns made by so many?
My guess is they only listened to the large players who will benefit from RDR but the small IFA's etc may well lose out and whose voice has not been heard.
If the FSA wanted to get it right they will still be listening rather than saying they have listened and implying the matter is now closed.
The comment "we have not agreed with everything we have been told, but we certainly listened" does imply that they have their own agenda.
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Anonymous | 18 Nov 2010 1:22 pm
So if they have listed and understand the consequences, then they confirm that they are trying to stop people gaining Independent financial advice and want people to pay a high price to do so. Only the middle to high class will be able to afford it and there will be fewer advisers to offer advice.
What is this country comming to. People will be forced to go to the banks and get ripped off.
I worked for several banks for 20 years and know how they do it believe me.
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Anonymous | 18 Nov 2010 1:26 pm
Listened to the banks!
The other "stakeholders" ( that always makes me laugh) can put up or ship out.
This is just political speak for pushing ahead their own agenda.
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Steve Cornish | 18 Nov 2010 1:29 pm
You could not make it up.......
Of course we wanted you to listen............
Get in the real world................
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The truth | 18 Nov 2010 1:29 pm
The FSA three wise monkeys "see no objection, hear no objection, and speak no objection"
Of course this is how the FSA regulated the banks – the soon to be beneficiaries of the decimation of the IFA sector!
The FSA are saying they: “Involved more industry consultation”, which is total rubbish! The FSA templated the questions they wanted asked and then posted them on a website with no free text options. Surprise surprise they then get only the sanitised pro RDR answers they wanted to hear.
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