Hopes the FSA will delay the introduction of the RDR have been quashed with the announcement one of its replacement entities, the Financial Conduct Authority (FCA), will not come into being until 2013, IFA Alan Lakey says.
The FSA's restructure into the Prudential Regulatory Authority (PRA) and Financial Conduct Authority (FCA) was due to take place in 2012 but, in its recent business plan, it said this could be pushed back to "early 2013". The RDR will be introduced on 1 January 2013. "The fact the FCA will not be established until after RDR removes a potential avenue where we might have circumvented current thinking," Lakey, the founder of lobby group Adviser Alliance, says. "There was potential for the FCA to look at RDR and see it is skewed and maybe rethink and postpone it, but now that potentia...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
