Aegon Scottish Equitable is producing online factsheets designed to help advisers make the most of their voice in the upcoming Retail Distribution Review.
The factsheets, which will be free and available to download from the life firm’s website, are broken up into parts and their publication staggered so advisers can consider each part of the RDR in turn.
A discussion paper on the FSA’s review, which has been set up to analyse the current distribution model, will be published on 27 June with more detailed proposals expected in the middle of next year.
Steven Cameron, head of business regulation at Aegon, says “This is a very wide-ranging review aimed, among other things, at reaching new customers and improving consumer confidence. It is not simply about changing the IFA proposition or changing the remuneration basis.
“As such it gives a great opportunity for all industry players to look at existing advice models and explore new ways of reaching new customers who currently can’t access advice.
“The regulator is prepared to listen and act if necessary and we would encourage all advisers to play an active part in shaping the future of retail distribution.”
Aegon’s first factsheet covers the background to the review and the topics of the five work groups which were set up late last year.
Aegon says it is designed to help advisers think ahead to what it might mean for the industry in general and their firms in particular.
It also discusses four areas which have attracted considerable industry interest in recent months, including factory gate pricing and new ways of reaching customers.
Aegon says with the consultation period expected to stretch for a number of months, subsequent communications will help advisers consider specific implications of the review in more detail and encourage them to consider how they can fully contribute to the review process.
The FSA will publish three papers in late June/early July - discussion papers on the Distribution Review and on Wraps and Platforms on 27 June and a discussion paper on capital in intermediary firms on 3 July.
A consultation paper on the Distribution Review is expected in 2008 with implementation of any changes in 2009 at the earliest.
Advisers can download the first factsheet at www.aegon.co.uk/how/industry.htm
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