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Website Comments: On whether a Tory Government may change the RDR

If the Conservatives form a Government next year and take a decision to abolish the FSA, a piece of complex legislation will be necessary, accompanied by a major period of regulatory personnel changes. I cannot see that being done by 2012.

Bits of the RDR which are not opposed could no doubt go ahead, if there was anyone at the FSA enthused enough to implement them, but I fear the lobby to bury the RDR, which has been fairly muted to date, will become more vociferous and will hardly be over-ridden by an FSA with an unclear mandate.

John Ellis,

former Personal Finance Society head of public affairs

Well, if the Bank of England is going to regulate the banks, then, from an IFA viewpoint, all we will have is the FSA with another name, so CPA instead of FSA. As IFAs, I feel that we have to be resigned to RDR coming into force eventually.

Mahesh Dewan

Regulators come and go, SIB, Fimbra, Lautro, PIA and now the FSA. One day, the Government will tell the regulator to concentrate on what is best for the consumer and not what is best for regulation.

The RDR will stop most consumers from getting good quality advice and move them into the hands of the big banks. Charging fees does not make you a good adviser, doing the best for your clients makes you a good adviser.

Chris Glen, AAT Associates

If IFAs want to wait until they have no choice, no matter who is in No 10, then they will struggle to survive. Take a different approach and look at it from a business perspective.

Adapt to the changes now that make good sense for the business and the clients, such as better qualified advisers and client-agreed remuneration.

Don’t leave your future in the hands of politicians – plan the changes over the next two-and-a-half years and get on with it – grasp the opportunity. The good news is that these changes will get rid of the dinosaurs who have not invested in themselves.

Derek Stewart, Strategic Asset Managers

As the Tories started all this nonsense with the Gower report, I am not holding my breath. There are too many with vested interests in compliance for it to all go away. I would not be surp- rised to see the same faces at the CPA making change for the sake of change – going nowhere but at others’ great expense.

John Blackmore



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