Many advisers are leaving it too late to take action on RDR, but are providers to blame too?
Being last minute on some things can be great: when booking holidays you can get better deals; scoring near the end of injury time makes for a more exciting game; and when boarding a flight it can save endless queues.
One thing I think we’ll all agree shouldn’t be left to last is your career or ability to practise in your job. But sadly that’s what many advisers are doing, waiting right until the last second to meet their requirements for RDR by the 31st December 2012 deadline.
Now I’m no stranger to cutting it fine on a deadline, as my editor will attest, but were I reliant on a back-logged industry body to issue my Statement of Professional Standing in order to continue in my job, I think the words would hit the page faster.
But providers are not helping this. This morning the latest release from Schroders pinged into my inbox, announcing CII accreditation for its latest gap fill tool.
Now granted, Schroders says that the tool can be used beyond the end of 2012, but calling it ‘RDR’ qualification gap fill training rather gives away the intention that it should be used before the end of December.
One the one hand, good on them for doing it and being one of the few fund managers to offer this, but on the other, why not do it months ago? Surely the systems and wherewithal were present earlier in the summer, or even at the start of this year.
And it’s not just Schroders, a number of other providers have launched RDR guides, training and gap-fill tools in the past month or so. Many say it’s due to demand from advisers, many advisers say it’s too late.
The RDR has not come as a surprise; it hasn’t crept up on advisers, it was first announced in 2006. Granted, the regulator hasn’t been forthcoming with all the details at the first opportunity, but advisers have had plenty of time to get their ship in order. So why all this last minute action?
One thing’s for sure, it’s not going to make for a more exciting outcome.