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Regulator is praised for listening to IFAs

Bankhall says that the revised version of the retail distribution review demonstrates the FSA’s ability to listen to the experienced voices of the IFA community.

It says the FSA has benefited from the experience of so many formal responses from the advice community pointing out flaws in the original proposals.

Chief executive Peter Mann says the revisions justify the time and effort put in by firms submitting their reactions.

Mann says: “The FSA has benefited from the industry’s input and should be congratulated for evolving their approach based on this.

“It is vital that the industry continues to participate in the RDR process, as the FSA is looking to us to fill in the gaps, and we should seize on that opportunity. Bankhall will be fighting the corner for IFAs as the cornerstone of the advice regime.

“I am particularly pleased to see a recognition that experienced advisers may be able to use alternative routes to demonstrating competence and will be keen to work with the FSA to determine how this could be shown.”

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