The RDR will continue under the new financial regulatory structure, Hector Sants said today.
Speaking at the 2010 conference of the Chartered Institute of Securities and Investments (CISI), Sants said transitions due for completion by the end of 2012 would not be derailed by the regulatory overhaul announced in last night's Mansion House speech.
In the speech, Chancellor George Osborne confirmed he would scrap the tripartite system created by Gordon Brown, including the FSA, and said Sants would stay on to head up the new City watchdog.
Today Sants told IFAonline: "We have every intention of taking the RDR forward into the new regulatory structure."
In February, Sants caused a mixture of outrage and jubilation in the adviser community by announcing he would step down as chief executive of the FSA before overseeing the final implementation of the RDR.
Sants said this aspect of regulatory change had not affected his decision to leave the FSA.
"My personal plans have never been linked to the RDR.
"The personal and family reasons behind my leaving are still valid, but I was persuaded by the wider circumstances to stay on to see the evolution of the next regulatory structure."
The FSA this morning told IFAonline the "working assumption" was that the Consumer Protection and Markets Authority, one of the bodies announced by Osborne last night, would look after IFAs and RDR, but that they too were waiting for further clarification from the Government.
"It is still very early days", a spokesperson said.
Duncan Jarrett, sales director at Aegon UK, says: "I don't think anything is going to change dramatically. The push towards increased professionalism in the last couple of years has been a positive step and I do not see anything changing there."
Elsewhere in today's speech, Sants hinted at the shape and direction regulation will take under the coalition Government, with much more emphasis on "modifying behaviours" of those working in financial services.
In a speech entitled ‘Do regulators have a role to play in judging ethics' of financial firms, he said: "A regulator can and should seek to influence culture to achieve the outcomes society deserves.
"We are already adding in technical subjects to the authorisation process. Adding in behavioural subjects is perfectly feasible."
"We can only do this by making."
He said current practices were "too one dimensional" and taking a more interventionist approach to the culture of financial firms must become "a primary objective" for the new regulator.
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