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.