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Watchdog critic leads FSA review of sustainability

The FSA has unveiled the full line-up of the industry figures who will lead the five working groups feeding into the retail distribution review.

HBOS chief executive insurance and investment division Jo Dawson will head the sustainability of the distribution sector committee and Royal London chief executive Mike Yardley will chair the impact of incentives group.

Royal London subsidiary Scottish Life has been a leading critic of the damage that so-called “churning” has done to the market.

Dawson was recently heavily critical of the Financial Ombudsman Service’s effect on the industry, describing it as often the “most powerful force in the regulatory arena” and attacking hind-sight regulation.

Thinc Group group corporate director Roderic Rennison will lead the professionalism and reputation committee and Aegon chief executive Otto Thoresen will chair the consumer access to financial products and services group.

The final committee, looking at regulatory barriers and enablers, will be run by FSA director of retail policy Dan Waters.

Sesame chief executive Patrick Gale, Positive Solutions chairman David Harrison, MLP Private Finance chief executive John Baxter, Tenet chief executive Simon Hudson and Professional Partnerships partner Gill Cardy will all take part in the various committees.

The FSA says that the role of each group is to reach broad consensus on the issues to be addressed, identify industry solutions and the barriers to the solutions and engage the distribution market to achieve the solutions.

FSA managing director of retail markets Clive Briault says: “The retail distribution review will act as a catalyst to improve the efficiency of the distribution of retail investment products and achieve better outcomes for consumers as a result.

“The industry has serious challenges to face from economic and market pressures as well as from complying with regulatory standards. The review will consider the bigger picture and the five priorities will not be viewed in isolation. We favour market solutions and are looking to facilitate an industry-led outcome.”

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