So, what is a retail investment product?

A lack of clarity from the r­egulator on the definition of a “retail investment product” (RIP) is hampering advisers’ preparations for the Retail Distribution Review (RDR), it has been claimed. In an RDR policy paper last year, the ­Financial Services Authority introduced the term to reflect the “range of ­products that a consumer would expect an IFA to have knowledge of”. The regulator said RIPs would include not just packaged products, but also structured ­investment ­products, all investment trusts and ­unregulated c­ollective ­investment schemes. Also included are “any other in...