Speaking at an all-party parliamentary group on insurance and financial services meeting at the House of Commons yesterday, Greenway, also chairman of the group, said if he ruled the world he would put brakes on the RDR until work around the Insurance Mediation Directive and packaged retail investment products is made clear.
Greenway said if the Government had to make changes under the IMD, such as no gold-platting, he could not see how that could be done without it having implications for RDR.
He said: “There are still some unresolved issues and I have concerns that we are heading this and find that it doesn’t fit the European model in 2013 or 2014.
“We’ve been round this course so many times before and we end up back on the same path using different terminology. If I ruled the world I would put brakes on this until the European Convention is made clear.”
Greenway said a change of government might put some break on the RDR anyway.
But added: “I’m cautioning against thinking that a change of government would mean that a lot of this process will stop or significantly slowed down because I’m not sure it would.”