The industry is split on the merits of the Treasury Select Committee's (TSC) key recommendation to delay the RDR for 12 months until 1 January 2014.
Stephen Gay, Director General of AIFA:
"AIFA believes the Committee's recommendation for a 12 month delay to implementation of the RDR, in line with its call for the removal of a cliff edge date, will ensure more consumers will be able to access advice in the short and medium term.
"We hope the regulator responds positively to these sensible proposals. At the heart of RDR is the end consumer, who need advice, and the Committee has rightly put the focus back on them."
David Thomson, director of policy and public affairs at the Chartered Insurance Institute (CII):
"We welcome the TSC's support for higher qualifications as a core part of the RDR. The key concern now is to complete the RDR process and ensure that there is a consumer campaign in place to outline the benefits to the public as soon as practicable - at the moment less than one in five are aware of the RDR.
"For the advisory community, further delay will serve to increase uncertainty and even undermine the positive momentum that has already built behind the RDR."
Dr Tim May, CEO of the Association of Private Client Investment Managers (APCIMS):
"We [would] welcome a one year delay to ensure that the RDR is properly implemented and to give firms enough time to develop their systems given that certain rules, such as those relating to data collection, are still only in the consultation stage".
Gary Shaughnessy, UK managing director at Fidelity International:
"A 12 month delay would simply push back the date when the entire industry focuses on the consumer. We would urge the FSA to get on and clarify the outstanding uncertainties around the rules.
"What is needed is action by the FSA to support the IFA community in reaching the qualification standards and focus on improving outcomes for consumers rather than have an industry that has for the last five years since the regulator first announced this review been focussed inwardly on systems changes, new rules and procedures."
Which? chief executive, Peter Vicary-Smith:
"We urge the FSA to stand firm and stick to its original deadline as the industry has had plenty of time to prepare for the RDR.
"Delaying the RDR would prolong consumers' exposure to the potentially disastrous effects of poor financial advice, so it's vital that the FSA sticks to its guns."
Keith Webb, director, PwC:
"A delay would undoubtedly leave non-qualified advisers trading for an additional year but the main concern is that having extra time to comply could cause organisations to lose the momentum that has resulted from helpful time pressure.
"Organisations are increasingly realising the time has come to embrace the spirit not just compliance with the rules."
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