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Bank paper to feature restricted rules

The Treasury’s White Paper on banking reform is expected to contain some form of product regulation that will tie in with restricted advice.

Royal London head of corporate affairs Gareth Evans says he expects the paper, due out this month, to contain a lot of read-across from the RDR consultation paper released last week, particularly relating to product regulation under basic advice.

He says: “It is strange that the FSA left basic advice out and then brought it back into the latest paper. The White Paper could include a revision to the basic advice role, with highly specified and constrained products sold under this sector.”

Beachcroft Regulatory Consulting managing director Richard Hobbs says: “It would make perfect sense. What is the point in having a six-tier advice regime if two of the tiers are dead? Simplified and basic advice have been retained but no one much uses them.”

Cicero Consulting director Iain Anderson says: “I think product regulation will come in under restricted advice in general but it will probably start on the lending and credit side rather than the savings and investment side.”

Lansons public affairs director Ralph Jackson says: “This would be a Ron Sandler Mark II. What would be the advantages of bringing it in now?”

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