RDR

The Association of IFAs (AIFA) says proposals tied and multi-tied advisers will have to call themselves ‘restricted' are "lovely".

The Financial Services Authority has asked the industry for suggestions on whether it should apply adviser charging principles to group personal pensions (GPPs).

The FSA today warned firms to be prepared for extra "short-term costs" arising from an anticipated exodus of advisers in the independent sector.

The FSA today clarified firms will still be able to call themselves independent even if they specialise only in a "narrow and distinct" field.

Product providers will face additional regulatory requirements if they offer convenient advice payment facilities to consumers, the FSA suggests today.

Experienced investment advisers in practice at 30 June 2009 will be allowed to take oral versions of the written exams needed to get them up to post-RDR standards, but this option will be withdrawn at the end of 2012.

IFA support provider threesixty is to run free workshops for IFAs to highlight key issues arising from the RDR consultation paper out today.

Although a number of IFAs, including its trade association AIFA, spoke glowingly of the key proposals in yesterday's RDR Consultation Paper, not everyone agreed.

The FSA has said it would support whistleblowers coming forward to report on providers or adviser firms trying to exploit the changes proposed under the RDR.

Chapters of the impending RDR consultation paper have been redrafted on "numerous" occasions in recent weeks as the FSA continues to um and ah over its proposals.