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MPs set to debate impact of the RDR

The House of Commons’ debate about the impact of the retail distribution review on financial advisers will be held on November 30.

Conservative MPs Harriett Baldwin and Mark Garnier have been strong advocates of the debate and pushed for it in Parliament.

Baldwin and Garnier are both urging IFAs to lobby their local MP to speak on their behalf at the debate.

The announcement was made by the backbench business committee last week. The time of the debate will depend on other Commons’ business.

Baldwin says: “This is a huge milestone for the many thousands of IFAs across the country who fear their livelihoods will be ruined by the implementation of the RDR.

“It is also important to highlight the reduced access to financial advice for so many people.”

Anand Associates Wealth Management managing director Bhupinder Anand says: “I am happy to support the debate. If the RDR can be stopped in its tracks for a comprehensive and sensible review of its dangerous implications, that would be the wisest decision since Solomon.

“However, in the absence of confirmation that the RDR will not happen, you have to assume it will and prepare for it.”

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  1. As I understand it, the debate is being held today, the 29th, not tomorrow. Whether or not the FSA takes any notice of anything anybody else has to say remains to be seen. On the strength of its track record to date, the likelihood of this has to be doubtful.

    Sants will doubtless claim that the FSA has “consulted” the industry on the RDR, but whether or not the FSA’s idea of consultation is what anybody else would consider satisfactory is another matter. Comment may have been invited but if none of the comments submitted are published for all to see and to debate, then of what value is such a consultation exercise? All the FSA has said is that it has “taken on board” the comments received but has offered no examples of just which comments. Many people might reasonably suggest that the only comments the FSA has taken on board are those which happen conveniently to accord with its own predetermined agenda. The whole process seems to be completely one-sided with the FSA, as usual, holding all the cards. What kind of consultation is that? Just a sham.

    The FSA hasn’t even deigned to reveal what proportion of the submissions received have been resoundingly pro or anti RDR. The very fact that the FSA refuses to give any indication of this must surely suggest that the majority of submissions has not been pro-RDR and quite possibly strongly anti-RDR. Were this not the case, then surely the FSA would be happy to publish all the submissions received. What does it have to hide? Massive opposition, I suggest.

    Again, we are reminded of the FSA’s phoney claim on its website to being an open and transparent regulator.

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