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FCA chief Martin Wheatley: If I could do the RDR again…

FCA chief executive Martin Wheatley would have introduced the RDR more quickly and delivered all the new measures at the same time if he could implement the reforms again.

Speaking at a press conference in London this week, Wheatley said: “It would have been nice to get everything done in one go. The fact that aspects of the rules have had to wait, for example platform commission rules which have had to come in a bit later, it would have been nice to get all components of it upfront and delivered in a package.

“But in the real world it is very difficult to do that because inevitably there are either things you couldn’t quite get your head around the first time round, or the situation changes so you need subsequent steps.

“It would also have been nice to have done it more quickly than in six years, but the reality is we are where we are.”

Wheatley also said he did not expect banks and building societies to pull out of the advice market to the extent they did due to the RDR, and said “possibly” the regulator should have foreseen this.

All legacy payments between fund managers and platforms will be banned by April 2016, with a two-year sunset clause from this April to give platforms time to transition their businesses.

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