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IFP conference – FSA reinforces message that RDR proposals are industry-led initiatives

The FSA has reinforced its message that the proposals in the Retail Distribution Review are industry led initiatives, at the IFP conference in Manchester today.

Retail intermediaries sector manager Sharon Campbell repeated the FSA’s mantra that it was members of the industry not the FSA who had constructed the paper.

She said: “There’s no point in us trying to enforce something because we will be accused of dismantling the industry.”

Campbell said the FSA will be speaking to more than 500 firms over the next month to gather industry opinions and seek out feedback. She stressed that advisers need to understand that the RDR is only a discussion paper at this stage and has not yet progressed to the consultation or policy making stages.

She said: “We’ve received 140 responses to the paper and we’re still looking for more. We want a diverse range of views.”

Campbell also criticised past regulation which she said failed to address core issues. She said: “Regulation in the past has focused on symptons rather than getting to the root cause of problems.”

Campbell said that the goals that the FSA are trying to achieve of improving the quality and clarity of services is likely to require industry and regulatory change.


Transfer window

I have been discussing, over my last couple of articles, the possible reasons for clients to transfer from one money-purchase pension contract to another.


Nils Taube has managed institutional and retail funds since 1969 and has built up a track record of consistent long-term outperformance in the global equity markets, delivering compound annual returns of between 14 and 15 per cent over 38 years. This means that if you had invested £10,000 with him in 1969, it would now be worth in the region of £1.5m.

7IM to share client data with Cofunds and FundsNetwork

Cofunds, FundsNetwork and 7IM have agreed to introduce sharing of client portfolios in what has been called an unprecedented move for the industry. Advisers will be able to view client portfolios between 7IM and either of the other two platforms – on 7IM from the first quarter next year and later in 2008 for the […]


NU goes back to drawing board on protection range

Norwich Union is undergoing a complete redesign of its protection range in a bid to meet consumer needs.The firm is also researching a protection product which, for around a 3 per cent extra premium, is guaranteed to pay out.NU will begin its protection overhaul in October with around 70 interviews with consumers and advisers aimed […]


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