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FSA encouraged by progress

The FSA says it is encouraged by the progress firms are making in the RDR transition.

At the launch of Aifa’s RDR report, FSA head of investments policy Peter Smith said he has seen firms and individuals making an effort to prepare for the RDR. He said: “What I do think is encouraging is the extent to which we know firms are already preparing for those changes.

rom our own discussions with firms and from the results of surveys like the one we did recently with NMG, many firms and individuals are making the preparations that are necessary to be ready for 2013.

“It will not surprise you that, in our view, you cannot start too early. Please do not wait for something to happen, because you may leave it too late. Take the initiative and start planning for these changes, which many firms are doing already. There are fewer than 600 working days until January 1, 2013. Start making your preparations for that day and let’s all get on with it.”



Will the regulatory landscape change for the better?

Last month, the Chancellor announced the new financial regulatory structure which will replace the FSA and now the Treasury has published its consultation paper on the proposals for reform. The new structure comprises four new bodies: the Financial Policy Committee and Prudential Regulation Authority will be accountable to the Bank of England and the Consumer […]

Restricted advice will bring back bias

Ernst & Young believes that product bias will increase as a result of the FSA’s restricted advice channel. At the launch of Advice Horizons, Ernst & Young director of financial services Robert Wood said many people will choose the restricted advice route over the independent channel. He said: “Nine out of ten wealth managers are […]

St James’s Place to offer Primrose compensation

St James’s Place is to offer compensation to clients who lost out following the collapse of Primrose Associates. The wealth manager is writing to the affected investors who lost over £4m of transferred client funds when the broker went bust, according to reports in the Mail on Sunday. Primrose Associates was put into liquidation in […]


Barclays rejects idea of lending targets

Barclays head of small business Steve Cooper says he will not join any Government scheme that sets lending targets for UK banks. The Government has urged banks to increase lending to small business and has explored different option to do so. Earlier this month, Chancellor George Osborne said the Government “would not tolerate banks piling […]

Who cares?

By Tracey Dickson, marketing consultant There are almost 7 million carers in the UK – that’s around 10 per cent of the population who provide unpaid care for a disabled, seriously ill or older loved one.1 But according to a report from the charity Carers UK, 20 per cent of people providing 50 hours or more of care […]


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