Retail Distribution Review  

FCA hints at flexibility on review deadline

The month allowed for responses includes two bank holidays and one week of school half term.

Ms Ingram added: "Advisers will want time to read through the call for input, understand the key points, consult with colleagues and draw on their own experience in business - this is all time intensive.

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"Even for a firm like LEBC this takes time even with a director of public policy role, it will take longer for smaller advice firms.

"It would also be beneficial to have time to ask firm's consumers their view on the regulator's questions, but this timescale doesn't offer that opportunity."

Mike Barrett of consultancy firm the Lang Cat said: "There are other regulatory matters in transit at this point and this deadline has been given with no notice, it does not fit well in terms of business planning for those advisers who wish to respond.

"I appreciate there certainly does have to be an end and it cannot be an indefinitely open deadline, but it just feels like a short process with the Bank Holidays and half term." 

However, the FCA said it wants to engage with advisers and those companies which struggle to provide information within the specified timescale should contact the regulator to discuss potentially providing feedback to a later deadline.