Financial Conduct Authority (FCA) chairman John Griffith-Jones has said he is glad the Retail Distribution Review (RDR) did not take longer than expected, and claimed it achieved its objectives despite failing to properly distinguish between guidance and advice.
The chairman told delegates at the annual dinner for members of the Association of Professional Financial Advisers (APFA) the regulator had achieved most of its aims, apart from being clear on guidance versus advice and restricted versus independent, two key aspects for financial advisers. Griffith-Jones (pictured) said: "(Since the RDR) messages from the adviser community were three-fold. Message number one was: advisers want to do the "right thing" and don't want to get into trouble with the FOS. "Message number two was: we want to have access to you and we want to understand what y...
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