Retail Distribution Review
The FSA launched its Retail Distribution Review in 2006 with the aim to target the quality and standard of advice available to consumers in the financial services sector. In their consultation paper, CP09/18, the FSA set out the changes they are proposing and three measures that they regard as most fundamental to altering and improving the interactions between consumers and the industry. CP09/31 is the latest consultation paper to be released by the Financial Services Authority (FSA) in December 2009, entitled Delivering the Retail Distribution Review (RDR). The CISI has produced a booklet to assist firms, members and exam candidates to understand the available options, and timescales involved. Download your copy here.
The RDR aims to:
- increase the professional standards of investment advisers
- improve the clarity with which firms describe their services to consumers; and
- address the potential for adviser remuneration to distort consumer outcomes
One of the key elements of the RDR is to have standards of professionalism amongst those who deliver services in the retail investment market that inspire consumer confidence and build trust. In order to achieve this, consideration is being given to raising the level of benchmark qualifications that retail advisors are required to obtain from the current Ofqual Level 3 to at least Ofqual Level 4.
At 7city we are committed to helping our clients meet the requirements of the RDR. We are in close contact with industry bodies, such as the CISI, in order to keep abreast of all the latest updates resulting from the RDR and to ensure we can meet the needs of our clients who are
affected by the changes.
In this RDR section of our website you will find details of the step change qualification requirements, information about qualifications that can help you and your staff become RDR compliant and any other updates about the RDR as they become available.
Please click on the links on the left to find more information and check back regularly for updates.
