The Association of IFAs (AIFA) is reforming its RDR working party ahead of the FSA's October paper, which will set out its full implementation plans for the financial advice industry.
The group, all AIFA members, includes advisers from firms including Tenet, Ashley Law, Sesame and The Lighthouse Group.
Chris Cummings, AIFA director general, says some large financial institutions are still “putting themselves first and their customers second” and will lobby hard against some of the existing RDR proposals.
He praised AIFA’s RDR working party for its support for the Association’s submissions to the Review so far, and says its role will now be as vital as ever.
“We were delighted that the Interim RDR statement recognised many of the points we made in our response,” he says.
“We believe it is now crucial to reform the RDR working party to prepare our feedback to the FSA ahead of the October paper. It is easy to forget how far we have come in the last year.
“The proposals set out in the Interim RDR statement offer the opportunity for significant improvements for consumers engaging with retail financial services.
“It has been noticeable that large financial institutions, once again, want to stop reform that will benefit consumers - putting themselves first and their customers second.”
Cummings adds: “The proposals carry huge benefit to the consumer and as we have said from the very beginning of this journey, the outcomes of the RDR should enable more consumers to get access to better financial advice.
“Consumers have a right to know whether or not they are being advised or sold to, and they must have a choice over how they pay for that advice.
“However, there is a still a long road to travel. Many will lobby hard against the existing proposals in an effort to protect their business models and bottom lines.”
The group will reconvene for the first time on 18 June.
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