The FSA is considering increasing the amount of data it collects from advisers and providers to ensure that firms are complying with the RDR.
Speaking at an Institute of Financial Planning conference on the RDR last week, FSA manager of the retail distribution team Richard Taylor said the regulator will look to collect data on areas such as adviser-charging, the costs of products and platform use.
Data will also be gathered to assess whether advisers who call themselves independent are meeting the FSA’s definition of independent.
Taylor said: “It is certainly the view of senior management that the success of the RDR will depend, to some extent at least, on the effectiveness with which we supervise our new rules.
“We will need to supervise the new rules carefully and part of that will be using information and data that we need to collect to understand what is happening in the market. In order to do this, we expect that we are going to collect more information and more data.”
He said providers may be called on first to submit the data and suggested if it is insufficient, other ways of collecting the data, such as from advisers, will have to be considered.
Taylor added: “We are looking to collect reasonably valuable data and we are in discussions with the industry now to see what that data might be, how we might collect it and who we might collect it from.”
The FSA plans to consult on its data collection plans early next year.
Highclere Financial Services partner Alan Lakey says: “I think the FSA should collect more data but how they get it, what they do with it and the common-sense application of it are all equally important.”