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Turner could change the course of the RDR

New FSA chairman Adair Turner may look to change the course of the retail distribution review when he takes on the role at the regulator in September, says Cicero Consulting.

When asked about the RDR at last week’s Treasury select committee meeting, Turner’s only comment was that the review is “ongoing”.

Cicero Consulting director Iain Anderson says it is clear that Turner is keeping his options open.

He says: “When Turner is properly in place in September, bearing in mind that the FSA’s feedback statement is due in October, it does not leave a lot of time for the FSA to form a view.

“Turner may be leaving his options open so that he can take the review in a different direction.”

Anderson says, in a former role as Pensions Commission chairman, Turner was an advocate of widening access for consumers.

He says: “Similarly, Turner may look to allowing as many distribution channels as possible. It is entirely possible that he opens up the process.”

GDC Associates partner Derek Gair says: “The only way to make this work is by using polarisation. It is the only thing that consumers understand. If Turner does that, he will have my undivided support.”

Treasury select committee reports, p20

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