Consumers must understand RDR jargon - CII

clock

It is vital consumers are consulted to ensure they understand the "industry terminology" in the regulator's Retail Distribution review, according to the Chartered Insurance Institute.

Sandy Scott, director general of the CII, says: “Most of the terminology [in the RDR] is industry terminology. "These terms need to be tested with consumers to make sure they can get their heads around them.” The FSA has proposed creating a tiered system of financial advice, which will consist of two levels of advisers providing ‘full-advice’. General financial advisers would not be as qualified as professional financial planners would, but they might have a greater range of remuneration practices, such as a commission structure. The issue has caused frustration among IFAs, who fear...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Friday Night Takeaway: It's the return of the banks

Friday Night Takeaway: It's the return of the banks

The news editor's Friday Night Takeaway from 10 July

Isabel Baxter
clock 10 July 2026 • 3 min read
Carla Brown on PFS/CII relationship reset and how chartered status is 'essential'

Carla Brown on PFS/CII relationship reset and how chartered status is 'essential'

PFS president and chair joins Professional Adviser in the studio

Professional Adviser
clock 10 July 2026 • 1 min read
FCA spotlights vulnerability in latest Consumer Duty review

FCA spotlights vulnerability in latest Consumer Duty review

Treatment of vulnerable clients still an area of improvement for firms

Sophia Panayi
clock 10 July 2026 • 2 min read