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PIMs 2008: RDR transition period will depend on final proposals, says FSA

The FSA says the transition period it gives IFAs to conform to the new definition of advice set out in the Retail Distribution Review will depend on what shape the final regulations take.

Speaking at the annual PIMs conference the FSA’s RDR associate William Tolmie, told the audience of IFAs not to worry about the transition process.

He said: “We are challenging firms to make the case for FSA action to implement their ideas in a way that deliver better outcomes for consumers and not to worry about transition.

“We don’t know what the transition period will be because we don’t know no what the end state will be. But we do recognise that transitional arrangements will be necessary, for example because qualifications take time to acquire.”

He added: “One of the questions for advisers that are tied and multi-tied is what are the barriers to moving out of that intersection and into one of the two things either side. That’s the kind of information that we need to analyse before the next stage of the review and decide how close we can get to the model proposed and what the affect on consumers will be.”

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