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Tenet calls on TSC to widen RDR debate

Tenet is calling on the Treasury select committee to broaden its RDR consultation, saying it is too narrowly focused on adviser qualifications and the abolition of commission.

Tenet says this Wednesday’s TSC meeting on the RDR must widen the debate to include the impact that regulation is having both in terms of cost and contraction of a market whcih should be growing.

Tenet distribution and development director Keith Richards (pictured) adds a review of UK regulation is required.

He says: “A fundamental review of UK regulation is desperately needed and we have to especially take into consideration the rules coming out of Europe, rather than keep pretending that we are simply a couple of years ahead and the rest will catch up with the UK eventually.

“The majority of IFAs have simply had enough of ineffective and intrusive regulation which not only generates significant cost, but has led to poorer outcomes for both the industry and consumers.”

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Comments

There are 6 comments at the moment, we would love to hear your opinion too.

  1. “The majority of IFAs have simply had enough of ineffective and intrusive regulation which not only generates significant cost, but has led to poorer outcomes for both the industry and consumers.”

    Well said Keith.Pity the regulator will not recognise their part in this very accurate description.
    Should the TSC prove unable to influence the FSA over RDR then we may as well all give up any notion of democracy and fairness within the British system.
    How things ever got this far through an organisation with no accountability is beyond belief and is more akin to former eastern bloc and soviet type rule.
    People actually escape To Britain to get away from this type of tyranny.
    Any more of this and we will be meeting them at the borders.

  2. Michael Fallas 7th March 2011 at 7:11 pm

    Power corrupts or so many have said.

    The FSA is a dead duck to all but those who work in their wonderful glass house of perfection

  3. Julian Stevens 7th March 2011 at 8:10 pm

    If the FSA has evidence confirming any causal link between unsatisfactory consumer outcomes and misuse of the commission system (throughout the IFA sector) and/or lack of technical qualifications, then let it produce this evidence for all to see and to debate. The FSA, after all, proclaims itself to be “an open and transparent regulator”. Many of us strongly suspect that the FSA has, in fact, no such evidence.

  4. Stable door and horses bolting! 7th March 2011 at 9:31 pm

    Stable door and horse bolting come to mind! Why has it taken Mr Richards so long to arrive at this conclusion? Of course the fact that Networks would be inflated with terminated adviser trail fees would not have anything to do with this – would it?

  5. Pompous tossers.

  6. This has as much force as the European Union sanctions on Libya. I reckon Tenet call smell the RDR rot setting in and consider it safe now to put their head over the parapet. Pity they were not as robust as Ken Davy and Simplybiz who really stuck their necks out when it counted! It all well and good to state an opinion that might upset someone when many others have gone before you, but where were you before? In any case as late in the day as it is your welcome to join the battle.

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