RDR: A ship without a captain

  • Story by: Maike Currie
  • Magazine: FinancialAdviser
  • Published Thursday , August 14, 2008

If I had a penny for every article I have written containing that abbreviation, 'RDR', I will probably be well on my way to raking together a small fortune. In fact I could probably recite the RDR story far better than the latest episode of CSI or my favourite childhood fairytale.

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Don't get me wrong, I would never dare imply that the financial services is so perfect an industry that it does not warrant some change, it’s just the way things have been done which has the RDR resembling a very bad dream which I think a few IFAs would rather like to wake from.

News that the full feedback statement has been postponed from its planned October date has just delayed the bad dream even further.

And forgive me if I don’t quite buy the excuse that the delay has been made to allow Jon Pain, who joined the FSA as managing director of retail markets, some time to get his feet under the desk. Should he not have been familiar with the process before being anointed with the new title?

If the FSA preaches the doctrine of treating customers fairly, how about starting with advisers as a whole instead of limiting ‘fair treatment’ only to the latest FSA recruit.

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