FSA publishes RDR ‘action plan’ guide for advisers
The FSA has launched a series of “action plan” templates for advisers to follow to help them prepare for the retail distribution review.
The Financial Services Authority has published an eight-page guide, RDR: Is your firm on track?, which comprises templates for completing gap fill and exams and moving to an independent or restricted business model
The City watchdog’s guide, released with less than 10 months to go until implementation of the Retail Distribution Review, said advisers should put an “action plan” in place with timelines so they do not miss the deadline.
It said advisers should consult with professional bodies and compliances firms as well as their professional indemnity insurers and other businesses groups.
The guidance said: “Accountants and solicitors may be able to give you further insight into devising a fee-based proposition.
“With RDR requiring firms to consider a broader range of investments from 31 December 2012 for independent advice, talk to your PI insurer at an early stage to ensure cover will be available for all ‘retail investment products’.
“There is useful information on our website, for example, the knowledge gap fill template, details of accredited bodies, approved qualification list, one-minute guides and frequently asked questions on various aspects of the RDR.”