The Financial Services Authority is looking at how regulation is acting as an 'unecessary barrier' to market development, and plans to outline its findings at the unveiling of the results of the retail distribution review in June.
It says a discussion paper will be launched at a conference on 27 June, outlining the results of the review which was launched in June last year, specifically focusing on five major themes; the sustainability of the retail distribution sector; the impact of incentives; professionalism and reputation; consumer access to financial products and services and regulatory barriers and enablers.
In a speech last year Callum McCarthy, chairman of the FSA, criticised the industry’s current business model suggesting it was broken, and at the conference in June he is scheduled to speak on ‘a great opportunity for change’.
The event is also expected to include presentations from Otto Thoresen, chief executive of Aegon, and Clive Briault, managing director for retail markets at the FSA, while Dan Waters the regulator’s director of retail policy, plans to discuss regulatory barriers.
Stephen Bland, the FSA director leading the retail distribution review, says the conference will set out the organisation’s ‘thinking’ on the solutions and report on the progress made over the last year on the five major themes of the review.
He adds: “It is important as many players as possible from all parts of the distribution chain attend the event to help us in our role as a catalyst for industry solutions which will improve market efficiency and lead to better outcomes for consumers.”
In addition he says the event – which costs around £350 to attend – will also discuss the FSA’s decision to look at “whether and how current regulation may present an unnecessary barrier to such market development”.
Other speakers at the 'Retail Distribution Conference' will include Chris Cummings, director general of the Association of IFAs (AIFA), and Stephen Haddrill director general of the Association of British Insurers (ABI) to represent the industry, while John Howard , chairman of the Financial Services Consumer Panel (FSCP) will provide the consumer’s perspective.
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Nyree Stewart on 020 7034 2681 or email [email protected]IFAonline
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