Money Marketing can reveal the FSA is creating a new retail conduct risk division, to be headed by Waters, to assess and mitigate risks to consumers.
Waters, who is head of retail policy, has been a driving force behind the RDR since inception. Amanda Bowe moved from the RDR remit in July last year and treating customers fairly director Sarah Wilson quit last month.
A spokesman says Waters will only switch roles once a new director of retail policy is appointed. The spokesman says: “Our conduct risk department was introduced into the retail policy division late last year to help the FSA better understand the conduct of a firm and identify gaps between what senior management tell us and what is happening on the ground. The new conduct risk division will support an even greater focus on how firms ensure positive consumer outcomes and enhance our commitment to the effective protection of consumer interests.”
He insists the RDR resources and timeframe will stay the same.
Personal Finance Society chief executive Fay Goddard says: Dan is the right person for the new division with his experience in the retail sector.”
Technology & Technical founder Kim North says: “I am worried that the FSA will recruit someone from one of the big accountancy firms to the RDR. We need someone who knows what it is like to sit behind a desk and advise clients.”