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Pru says don’t get RDR tunnel vision

Advisers must be careful not to get “tunnel vision” over the retail distribution review, warns Prudential.

Director of intermediated distribution Andy Curran told delegates at the retirement planning summit in Monte Carlo that advisers have to be careful not to focus solely on the RDR or they risk being caught out by other regulatory changes. He said: “We have to be careful we do not get caught up in tunnel vision over the RDR. There are 34 other regulatory initia- tives out there and we cannot allow it to sideswipe the other items on the agenda.”

Curran said due focus needs to be given to initiatives such as treating customers fairly, Solvency II and the upcoming white paper on financial services.

He also warned of the increasing vigilance from the FSA and said, through its supervisory enhanced programme, the regulator would be increasing its intervention in authorised businesses.

He said: “Those businesses that survive will have to successfully deal with the changing landscape.”

Baronworth Investment Services director Colin Jackson says: “I agree that there is a temptation to become blinkered by individual regulatory changes and I think there has been a great deal of focus on the RDR and TCF in the industry press, which has kept that debate going.

“I think the regulator has been more proactive about these issues than other areas of regulation and advisers have focused on them because they have the most impact on business.”

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