In a speech at the Protection Review, Thoresen said the industry is trying to do too many things at once within the RDR proposal.
Thoresen said: “I still feel the way we are trying to deal with that is too complex. The original plans were to look at professionalism, capital adequacy, removable bias, and consumer access.
“Each of these issues is an issue which is important and can be dealt with but when you bring them together I think you get to a situation where the complexity of the problem you are trying to solve is really beyond us.”
He said the RDR needs to be broken down. “The answer is to start to look at some of the stuff in stages. The industry in all its forms needs to get together and talk more on how they can work together to create a landscape for those of us who care about our customer so we can do a good job for them and have the environment to do that well,” he said.