The UK Financial Services Authority said it
will consider proposed recommendations to delay the implementation
of the Retail Distribution Review (RDR) but it remains committed to
its original January 2013 deadline.
The statement comes after a UK Treasury Select
Committee (TSC) report recommended the watchdog delay implementing
RDR until 2014 in order to ensure that all the industry
practitioners were up to date with their qualifications.
Go deeper with GlobalData
Industry welcomes delay
The Association of Private Client Investment
Managers and Stockbrokers (APCIMS) had welcomed the proposed
extension.
APCIMS chief executive Dr Tim May said the
delay would give firms enough time to develop their systems given
that certain rules, including those relating to data collection,
were still only in the consultation stage.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
Wealth managers had sufficient time to
train: FSA
But a spokesperson for the watchdog said
although the FSA would consider the proposed TSC recommendations it
might not necessarily follow them.
Since June 2007, when the first RDR
consultation paper was published, industry practitioners had enough
time to acquire relevant qualifications, the FSA said.
As a result, 49% of advisers already
qualified; meanwhile, 82% were expected to remain as retail
investment advisers.
