For immediate release – 4th December 2007
Commenting on today’s FSA announcement on the Retail Distribution Review (RDR) timetable, David Elms, Chief Executive of Unbiased.co.uk says:
“Today’s FSA announcement to delay the RDR response until October 2008 is hopefully good news for the industry and consumers alike, as it would suggest the FSA needs more time to think through the issues raised by the review. The changes suggested in the initial RDR report are fundamental to the way the advice industry in the UK is structured. And what is most important, is that the FSA’s final plans don’t un-necessarily restrict the access of consumers to truly independent, whole of market, financial advice. It is essential that any decision made on the final regulatory RDR framework takes into consideration consumers’ categorical understanding that the term independent in the context of independent financial advice, means the ability to review the whole of market. It is also paramount that – whilst improved professionalism is to be welcomed – the qualification bar is not raised too high to thereby restrict unduly the number of advisers.
“Delaying the final report clearly shows that the FSA is taking the feedback received on its proposal seriously and we are expecting that the FSA will incorporate the concerns raised in their interim consultation results in April. Unbiased.co.uk will continue to promote the benefits of independent financial advice to the consumer and we are hoping that the final RDR outcome will avoid leading to unnecessary consumer confusion.”
For further information please contact:
|
David Elms |
Anna Schirmer/Jonathon Grove |
|
Chief Executive |
Lansons Communications |
|
Unbiased.co.uk |
020 7294 3682 |
|
020 7833 3131 |
|
For expert comment or case studies from over 200 media-friendly IFAs, journalists should call Unbiased.co.uk’s Media Services hotline on
020 7294 3682 or search online at www.unbiased.co.uk/media
1. Independent Financial Adviser Promotion
Unbiased.co.uk is the consumer brand of IFA Promotion, the organisation established in 1989 to promote the value and accessibility of independent financial advice to the public. It represents around 9,000 firms of independent financial advisers across the UK, incorporating over 17,000 registered individuals. These individuals hold over 22,000 incremental qualifications which are each individually verified by the awarding body. IFA Promotion welcomes the prominent display of incremental qualifications and further developments into the credentials of independent financial advice.
IFA Promotion is sponsored by 28 leading financial institutions, and in the past 12 months, over 575,000 consumers and businesses used unbiased.co.uk to find local independent financial advice.
IFA Promotion believes Independent financial advice should be:
- Affordable. The option to take independent financial advice should be available, by right, to all- not just the wealthiest in society.
- Convenient. IFAs should be available in the location of the consumer’s choice, wherever they live in the UK.
- Transparent. It must be clearly transparent to consumers who is able to offer independent financial advice and who is not.
2. Independent Financial Adviser Promotion’s sponsors
Aberdeen Asset Management
Lincoln Financial Group
Abbey
Lutine.com
AEGON Scottish Equitable Plc
National Savings & Investments
Alliance Trust
New Star Investment Funds
AXA Life
Norwich Union Life
Bright Grey
Prudential
BUPA Health Services
Scottish Life
Canada Life Ltd
Scottish Life International
The Children’s Mutual
Scottish Widows Plc
Clerical Medical Investment
Skandia UK Group
Defaqto
Standard Life Assurance Company
Friends Provident
Tomorrow
Invesco Perpetual
Unum
Legal & General
Zurich Intermediary Group
Registered Office: IFA Promotion Ltd, 90 St. Vincent Street, Glasgow G2 5UB. Registered in Scotland: No. 114606
Post this article to: del.icio.us - Digg - Newsvine - Reddit - Furl - MyYahoo!
Read more press releases
