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Topics: FSA| TSC| Hector Sants| RDR| House of Commons| Restricted advice| Independent Financial Advice
The Financial Services Authority (FSA) said it intends to roll out a 'consumer communications plan' to help ensure the public is aware of the Retail Distribution Review (RDR) and its impact on the delivery of financial advice.
It said it plans to act on a suggestion from the House of Commons Treasury Committee to provide resources to explain the changes to the public.
In particular, the commitee said the fact 'restricted advice' may mean restricted by product or by firm required communication.
In its response to the committee's recommendations, published today, the FSA said: "We intend to roll out a consumer communications plan. We will work closely with relevant consumer bodies ahead of RDR implementation to communicate the changes.
"Advisers will also need to let their clients know how the changes will affect them and we will be working closely with the Money Advice Service as well."
The Commons committee launched an inquiry into the impact of the RDR in February.
Although it was broadly in support of the Review's proposals, it recommended their implementation be delayed by 12 months - to 1 January 2014 - to allow advisers more time to comply with the new rules.
The FSA dismissed the recommendation within hours of its publication, leading the committee's chairman, Andrew Tyrie, to describe the regulator's response as "precipitate" and "unacceptable".
FSA chief executive Hector Sants has since apologised.
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The blind leading the blind?
This I gotta see! Seeing as most in the industry are completely bemused a befuddled about the divisions between Independent & Restricted and how it will work in practice I wonder how the public is going to follow a single word. Bear in mind that the FSAs ‘Public’ are ignorant simple souls who can’t do the simplest arithmetic, are so naïve that even Andy Pandy can con them and they have to be coddled and protected at every turn. How on earth will these people even begin to understand? I just hope that if the FSA offers this in written form that they don’t use words of more than one syllable, steer clear of their habitual acronyms and abbreviations and try to hold the explanation down to three paragraphs – any longer and their audience will lose interest and concentration. Oh and no doubt as always we will be picking up the tab.
Posted by: Harry Katz