regulation keypoints
The FSA’s retail distribution review (RDR) was launched in June 2006 to tackle “many persistent problems”.
The retail distribution review resulted in rules dictating the level of qualifications that advisers must achieve, the way they explain their services and how they must be paid. The rules will come into force at the end of 2012.
These rules apply to all advisers in the retail investment market, regardless of the type of firm they work for.
To read the FSA’s description of the Retail Distribution Review click here.
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Published by FCA, 23 May 2013
FCA bans cash rebates but concedes on units
New regulator goes ahead with proposed ban on cash rebates, but allows unit rebates and cash rebates of less than a pound.
Final ruling: effective from 26 Apr 2013.
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Published by FSA, 29 Jun 2012
Banning of cash rebates on platforms
Regulator will allow unit rebates and will give firms until December 2013 to implement relevant systems.
Proposed: deadline for responses 27 Sep 2012.
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Published by FSA, 19 Jun 2012
Final rules for independent and restricted advisers
In providing independent advice, a firm should not be restricted by product provider and should also be able to objectively consider all types of...
Final ruling: effective from 31 Dec 2012.
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Published by FSA, 04 Apr 2012
Rules for switching client’s investments
What advisers must consider when deciding whether to switch a client’s investment is outlined in a 26-page FSA consultation paper.
Proposed: deadline for responses 04 May 2012.
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Published by FSA, 26 Mar 2012
Facilitation of adviser charging
How providers can pay adviser charges on behalf of the client is covered in an FSA policy statement.
Final ruling: effective from 31 Dec 2012.
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Published by FSA, 16 Mar 2012
Changes to training and competence sourcebook
Amendments to qualification standards that advisers have to meet as part of the Retail Distribution Review (RDR) have been outlined.
Amended: effective from .
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Published by FSA, 28 Feb 2012
Legacy commission post-RDR
Trail commission can continue to be paid post-2012 on the investment amount resulting from pre-Retail Distribution Review advice or a pre-RDR...
Final ruling: effective from 31 Dec 2012.
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Published by FSA, 27 Feb 2012
Independent and restricted status explained
The FSA has explained what firms need to do in order to say they offer independent advice post-2012.
Proposed: deadline for responses 09 Apr 2012.
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Published by FSA, 06 Dec 2011
Restrictions for advisers offering DIFs
The FSA reveals how advisory firms offering their own distributor-influenced funds must operate.
Proposed: deadline for responses 30 Jan 2012.
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Published by FSA, 21 Nov 2011
Accepting trail commission
The FSA confirmed commission for pre-Retail Distribution Review advice can continue to be paid and can be transferred to a different adviser.
Proposed: deadline for responses 16 Jan 2012.
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RDR News & Analysis| Dec 21, 2012FSA ramps up RDR awareness drive with website push
Regulator shifts focus to financial advice, with articles on how the sector is changing and new RDR terminology.
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RDR News & Analysis| Dec 11, 2012RDR fears fueled as study shows 80% ignorant of changes
Canada Life survey shows half of employees aged between 41-60 feel many will be reluctant to pay directly for advice.
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Ashley WassallonRDR News & Analysis| Nov 09, 2012
Stuck in an RDR time warp
After five years and with just 52 days to go, one in six will apparently still miss the qualifications deadline.
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Jeff PrestridgeonRDR News & Analysis| Nov 07, 2012Failing exams does not make a good adviser bad
We are creeping ever nearer to 1 January 2013, ‘RDR’ day, the start of a new dawn for the IFA sector.
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From Your Industry| Jul 30, 2012Defaqto: Avoiding standardisation after RDR
Advisers must offer both satellite and core investments to meet RDR demands
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Ashley WassallonYour Industry| Jul 19, 2012
Independent vs restricted: Who cares?
Given the arcane nature of the redefined concept of independence, it is not surprising that clients seem to have little interest.
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From Your Industry| Jul 17, 2012Studies show consumers favour restricted chartered advisers
Research from Skandia and CII shows preference for chartered irrespective of adviser’s status.
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Hal AustinonOpinion| Jul 12, 2012
Silent running
As the dark clouds gather over the banks and their involvement in the Libor scandal, mutuals are continuing quietly to do what they do best – serve...
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InterviewfromYour Industry| Jul 06, 2012Avoiding RDR red herrings: Peter Craddock, Perspective
Group operations director discusses why his firm might give up its independent status and how it might succeed in the corporate arena.
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Ashley WassallonYour Industry| Jul 05, 2012Restricted referrals are no threat to real independence
Spurious redefinition of independence should not force professionals to stop referring to trusted advisers.