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FSA set to answer more adviser FAQs on RDR

FSA Front 480

The FSA is to publish a second factsheet setting out the answers to advisers’ most frequently asked questions about the RDR.

The regulator laid out its position in January on some of the broader RDR implementation questions that cropped up most often at recent compliance and risk awareness seminars.

Its latest factsheet, due to be published shortly, will cover topics such as discretionary fund management, adviser charging facilitation and how adviser charging should be related to treating customers fairly principles.

The FSA has been asked what it is doing about providers that state they do not have RDR-ready systems in place. Advisers have also asked whether they can exclude certain products as an independent adviser and how can they evidence they have reviewed all relevant products, as well as what activities they can carry out if they have not reached QCF level four.

Equilibrium Asset Management investment manager Mike Deverell says: “You would think advisers should know what they are doing by now, but to be fair the RDR has created a lot of grey areas around things like adviser charging facilitation, so you can see why questions are coming up. The FSA has made a rod for its own back in a way by not having a clearer position on issues such as trail and legacy commision.”

The FSA will publish a third and final RDR FAQs factsheet later this year.


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