Advisers criticised for response rate ahead of RDR

Advisers will be in no position to blame the FSA for the outcomes of the RDR if they do not respond to its proposals, a consulting group warns.

The Consulting Consortium (TCC) says the regulator received less than 100 responses, out of a potential 25,000, to a recent paper, saying similar numbers for the upcoming RDR consultation paper (CP) will be "extremely poor".

It is encouraging all affected firms to ensure they let their views be known, either directly to the FSA or through their trade associations.

"In a recent CP there were fewer than 100 responses from 25,000 firms," TCC managing director Joanne Smith says.

"This is an extremely poor response rate and as a result firms cannot blame the FSA if they end up with the style of regulation that they do not want."

""We are very fortunate in the UK to have a regulator that listens. Consultation is a genuine process therefore it is vital that we, as an industry, take these opportunities to make our views heard."

TCC says it will be responding to the consultation paper and issuing its own opinions on the proposals and welcome advisers to contact them for a copy of its complimentary briefing note.

For more information firms should visit: www.theconsultingconsortium.com

charlotte.banks@incisivemedia.com