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Rennison warns provider technology could stall CAR

Product providers may find it difficult to adopt the new technology required for customer-agreed remuneration, warns Thinc Group group corporate strategy director Roderic Rennison.

Rennison, who chaired the RDR’s professionalism and reputation working group, told the RDR debate at the Personal Finance Society conference that there are worries around the logistics of CAR that have to be addressed.

He said: “CAR is fine but can companies deliver from a technology point of view?”

Outgoing Sesame chief executive Patrick Gale said the FSA needs to ensure that any extra provider costs resulting from CAR are not passed on to consumers or advisers.

Rennison and Gale both said that while the FSA needs to be aware of what is happening in Brussels, it would be wrong to put off regulatory changes because it is worried it could conflict with future European regulations.

HSBC life chief executive Robert Lang warned the FSA that when a similar shake-up happened in the Australian market, the industry lost a lot of good advisers due to the extra burdens. He said this must not happen with the RDR.

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