4 December 2007

Comment on today's FSA announcement on the Retail Distribution Review (RDR) timetable

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

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