Financial Conduct Authority director of supervision Clive Adamson says the regulator is looking at whether the RDR has been a success so far.
Speaking at the Morningstar Investment Conference in London this morning, Adamson says the FCA is taking interest in how the industry has changed as result of the regulatory reforms.
He said: “Firstly we are concerned – or should I say interested in – whether in all cases the standards of charges and business models we are seeing from advisers are compliant with both the rules and spirit of the RDR.”
Adding that “by and large firms were ready” for the RDR, Adamson also indicated interest in the emergence of new forms of distribution.
Adamson said: “We have started to do some work looking at those areas. Over the coming months we will look more broadly at more sectors of advice markets to see if charging models have achieved what was intended.”
In a speech that looked at the transition of the FSA to the FCA and Prudential Regulation Authority, Adamson said he wants the regulator to work more with the industry, adding: “We don’t want to be seen as the ivory tower in Canary Wharf.”