FSA is right to give Pain time - AIFA

The Association of IFAs (AIFA) has backed the FSA's descision to delay publishing its full feedback statement on the RDR, arguing it is vital new managing director of retail markets Jon Pain is given time to settle into the role.

The regulator this morning announced it will be delaying the statement one month until November.

Andrew Strange, policy director at AIFA says: “It’s disappointing that the FSA is delaying the RDR report, but we understand the reasons for doing so.”

“Given the significant changes in the FSA personnel responsible for the RDR, it is critical that Jon Pain and his new team take time to fully understand the issues and proposals in order to get this important initiative right.”

Strange believes the additional time will give Pain the opportunity to engage with key shareholders and AIFA looks forward to meeting with him to explain its position.

“The findings delivered within the interim report were exceptionally positive for IFAs and consumers alike, and this must continue,” says Strange.

AIFA will continue to impress on the FSA the need to re-build consumer trust in financial services. It believes the market needs a distinction between those who are on the side of the consumers such as advisers who are the agent of the client, and sales, says Strange.