The man leading the FSA's RDR team today said firms will need to demonstrate to the regulator they are "constantly reviewing and refreshing" the products on their panels.
Richard Taylor, manager of the FSA's retail distribution team, said he expects most businesses will continue to select products from a panel after 2012 but said firms would need to "have some way of showing" they are keeping it up to date.
In an RDR update to members of the Institute of Financial Planning (IFP) in London this morning, Taylor also said the FSA expects firms to document if the final charge to clients fails to match the amount agreed up front with the customer.
In this instance, and where the FSA becomes aware of it, firms may be asked to explain and justify why the two figures are different, Taylor said.
The FSA confirmed in its RDR Policy Statement in March firms could remove classes of products from its panel if it felt they were unsuitable for its clients and maintain their independent status.
Today, Taylor said any panel would need to be reviewed regularly to meet the FSA's rules.
"Firms can continue to use and create platforms," he said. "But we want to make sure the products on those panels are chosen appropriately and firms will need to make sure they have some way of showing they are keeping it up to date.
"You need to be constantly reviewing and refreshing your panel to make sure it is right".
Taylor said advisers would also need to record if and why an adviser charge changes during the course of the advice.
"If advisers charge at the end something rather different from what was on the price tariff agreed up front, we expect you to document why that is," he said.
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