View more on these topics

Jersey looks at creating its own RDR

The Jersey Financial Services Commission is consulting on its own version of the RDR which calls for increased qualifications and a ban on commission.

In its paper on the review of financial advice, published last week, the FSC says it wants to raise the qualification requirement for advisers on the island to QCF level four.

It also proposes a ban on commission, with adviser remuneration agreed with the client up-front, and the introduction of statements of professional standing, which advisers must get from an accredited body.

The FSC does not propose using independent and restric-ted labels. Under current rules, all advisers are registered as investment employees and have to disclose restrictions to clients.

The consultation runs until October and the FSC says a working party, which will include the Personal Finance Society, the Jersey Bankers’ Association, the Chartered Institute for Securities and Investment and local advisers, will be formed to scrutinise the changes.

The FSC wants the measures to come into force by January 1, 2014.

DPZ Synergy director Guy Browning says: “Issues over pensions and taxation are different here than in the UK, so raising qualifications is fine but what we learn will have to be tailored to the island.”

Recommended

Aviva presses for Omo to become the default

Aviva is preparing to step up the pressure on the Government to make shopping around for an annuity at retirement the default option for investors. In its Rethinking Retirement report, published in June, the company called for a series of reforms designed to increase the number of people who shop around at retirement but the […]

3

MM leader: Deadline dogma risks wrecking success of RDR

Last week’s policy statement from the FSA failed to give platforms, providers or advisers the clarity they were craving as they look to change their business models in the run-up to 2013. The FSA expressed its “desire” to ban both cash rebates between providers and investors and payments between fund managers and platforms, although it […]

2

George Osborne to address Parliament over economic situation

Chancellor George Osborne is to make a statement to the House of Commons on Thursday about the current economic situation. The move comes amid volatile financial markets and a European debt crisis. Osborne will outline the UK’s view on the economy and take questions from MPs. Speaking to Money Marketing, Shadow Treasury financial secretary Chris […]

Pru with-profits fund will offer risk-rated categories

Prudential is developing a with-profits product which will give investors access to five different risk-rated investment categories. The current range of Prufund investment products, which are invested in its with-profits fund, include growth and cautious categories. The firm plans to launch a new product which mirrors the five risk-rated categories on its unit-linked funds – […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com