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RDR paper due on Wednesday

The FSA will publish the next retail distribution review paper on Wednesday this week, which is tipped to contain more detail about the professional standards board.

The regulator has previously said the paper will cover the potential read across of the RDR to protection and the implications for the group personal pension market.

But today the FSA confirmed it will also cover governance and professionalism issues.

The final RDR rules are due to be published in March.

For full coverage see www.moneymarketing.co.uk on Wednesday.

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Comments

There are 4 comments at the moment, we would love to hear your opinion too.

  1. It was written several years ago and they are faking this “thought out, phased out” consultaion process.

  2. “governance and professionalism”? What does the FSA know about those things, other than how to write rambling great theses about them which are then, after 20 years of regulatory failures, foisted on the rest of us. Well, it’s a job, innit?

    And nobody at the FSA ever gets called to account beyond the occasional little slap on the wrist from the Treasury Select Committee which, in reality, has no powers at all except to ask a few sticky questions. And if your name happens to be Clive Briault, you don’t even have to go before the TSC ~ you just get queitly ushered out of Canary Wharf with a £612,000 golden parachute.

    It’s all very wrong and so terribly wasteful. If I’m not professional, my clients will desert me and I’ll be out of business, simple as that.

  3. I sometimes think this is all predetermined, a natural course of decline followed by all great powers. Great Britain is no longer great. Our regulators don’t regulate they merely oil the slide into further decline. The one thing that remains the Jewel in the Crown – Financial Services is in their sights! RDR is their final act of sabotage.

  4. Despite a few ‘bad apples’, I strongly believe that most IFAs wantto do a decent job for their clients. Moreover, many do that job for no more than a reasonable ‘wage’ – whether it is generated by commission or fees.

    But don’t expect the FSA to understand or believe this – they are of the opinion that we are all crooks and that we are all incompetent. The only thing that can save the poor consumer is more regulation, more rules, more restrictions, more diktats, more consumer education, more information on how to complain, more retribution against advisers who don’t
    have 20:20 hindsight, more punishment for advisers who don’t ‘dot an “i” or cross a “t”‘, more bonuses for FSA staff, higher salaries for FSA staff, great ‘gold-plated’ pensions for FSA staff………need I go on ?

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