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PFS will stick to its knitting on RDR

The Personal Finance Society has pledged to “stick to its knitting” and keep out of the controversial retail distribution review debates around remuneration and capital adequacy.

Chief executive Tim Eadon says the PFS is actively engaging members on the issue of improving professionalism but has decided to stay out of other areas of the review.

Eadon says the PFS will not support the stance that Aifa has taken on the RDR but will not lobby against it.

He says the PFS will support members moving to whatever level they believe is right, whether it is financial planner, general financial adviser or primary adviser, and says the GFA category has a “natural place” in the proposals and should be kept long term.

Eadon believes awareness of the RDR among advisers is very low and the PFS will be runn-ing over 60 events between now and December to engage with members.

He says: “We are a professional body and we are sticking to our knitting with regard to the RDR. We see the review as including a positive set of policies for our members.”

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