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FSA’s failure to clarify RDR is wasting time and effort

The FSA has been accused of wasting the protection industry’s time due to lack of clarity about how much of the RDR will apply to protection.

Defaqto insight analyst for life and protection Ben Heffer says since the regulator launched the RDR in June 2006, the extent to which it relates to life and protection sales has been unclear.

He says although the RDR is mainly concerned with distribution of investment products, it would have been dangerous to assume during consultation that proposals such as adviser-charging did not apply to pure protection products as well.

Heffer says: “The lack of clarity on this issue has resulted in much wasted time and effort as commentators, advisers and insurers planned ahead for potential changes.”

The FSA published a consultation paper in March proposing that adviser-charging will not apply to pure protection sales under the conduct of business sourcebook. A policy statement on the final rules for pure protection sales is expected in September.


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  1. The FSA has been accused of wasting the protection industry’s time due to lack of clarity. The FSA itself is a waste of pretty well everything ~ time, money, resources, paper, you name it. Endless consultations (though what people have actually said in response to those consultations is never published), endless meetings, endless (80 page) regulatory updates, endless policy statements, endless announcements of new regulatory initiatives.

    It’s a wonder the FSA has any time or money or resources left to do any serious regulating. Oh, I forgot ~ it doesn’t regulate the banks, does it?

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