The Treasury Committee has promised to monitor the benefits to consumers of changes introduced as a result of the Retail Distribution Review (RDR), after the Financial Services Authority (FSA) again said it would be sticking to its year-end implementation deadline.
In correspondence with Martin Wheatley, the managing director of the FSA's Conduct Business Unit, Treasury Committee chairman Andrew Tyrie said he was continuing to receive correspondence from stakeholders concerned at the "cliff-edge" nature of the implementation of the Review.
But Wheatley, in response, said the regulator was satisfied with advisers' progress towards meeting the RDR requirements and would, therefore, be sticking to its existing 31 December 2012 deadline.
Highlighting its most recent progress report, conducted in the spring, Wheatley said 93% of advisers stated they were on track to meet the RDR's professionalism requirements in time.
Tyrie (pictured) said the Committee would keep an eye on the RDR's impact.
"The banning of commission and the introduction of a clear market price will be carefully monitored by the Treasury Committee in an effort to ensure that the expected benefits flow to consumers," he said."
In July last year, the Committee called for a 12-month delay to the implementation of RDR, which was rejected by the FSA. Tyrie later lambasted the regulator for its apparent "pre-empted" response to the proposal.
In the latest correspondence, Wheatley said 21 firms had withdrawn requests for a year-long extension to the RDR's professionalism rules, because they did not meet the necessary criteria.
It had, as of 3 August, granted 18 waivers, most commonly on the grounds of ill health of an adviser or relative.
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