MPs eye review into impact of RDR

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The Treasury select committee is considering whether to carry out a review into the impact of the RDR and whether it has damaged access to advice.

Conservative MP for Wyre Forest Mark Garnier, a member of the Treasury select committee, has asked for the issue to come before the group of MPs, though no decision has been made to carry out an inquiry at this stage.

Speaking to Money Marketing, Garnier says if the committee decides to go ahead with an inquiry the hearing will be timed to give the initiative enough time to “bed in”, and would not take place before the middle of next year at the earliest.

Garnier says: “This is something I personally feel very strongly about. My benchmark is can the savers who are putting away £50 to £100 a month get access to good independent financial advice. If the RDR has resulted in people being denied that access, then against my benchmark clearly the RDR has failed.

“People will have different measures of success. FCA chief executive Martin Wheatley will argue the RDR has been a success because now everyone is qualified to the higher QCF level four. My benchmark would be has the number of firms targeting the lower wealth quartile of the population increased or decreased as a result of the RDR. If it has decreased, then we have a problem.”

A spokesman for the Treasury select committee says while no inquiry has been agreed at this stage “the possibility of conducting further work on the RDR next year has been discussed by the committee.”

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