The House of Commons Treasury Committee has expressed its regret that the Financial Services Authority (FSA) declined its suggestion to delay implementation of the Retail Distribution Review (RDR) by 12 months, and described the concessions the regulator had made as "very limited".
The government and FSA today published their response to the committee's recommendations following its inquiry into the impact of the RDR earlier this year. The committee had called for a one-year delay to RDR implementation as it said the new rules risked "putting large numbers of experienced financial advisers out of business". However, the regulator has repeated its stance that to delay RDR implementation would be to undermine the good work a large number of individuals and businesses had put in to comply with the requirements by the end-2012 deadline. The FSA added it had made ...
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