Categories:Investments

FSA releases RDR questionnaire for advisers

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The Financial Services Authority (FSA) is sending a retail distribution review (RDR) questionnaire to all advisers to gauge how ready firms are to implement the new requirements.

The questionnaire, seen by Money Marketing, Fundweb’s sister publication, aims to assess where firms are currently in their RDR preparations and how they expect their business to change as a result of the RDR.

It includes questions on how many advisers will move to a client-facing role but no longer offer advice post-2012, how many advisers hold an appropriate qualification and the level of structured continuing professional development currently being carried out.

It also looks at the advice services firms plan to offer post-2012, a breakdown of current annual revenue from investment advice business and whether the RDR changes have been communicated to clients.

Providers have also been sent the questionnaire in relation to all sales forces that will be providing advice from the end of this year.

The FSA will shortly be sending out a “product manufacturers” survey examining providers’ RDR progress. Money Marketing understands the FSA’s RDR implementation team has also scheduled visits with providers to assess RDR readiness.

In October and November, the regulator sent providers a product manufacturers information request which included questions on how product offerings and providers’ distribution strategies might change post-2012.

An FSA spokeswoman says: “The responses will help inform us of gaps in knowledge and areas where help is needed.”

Jason Witcombe, director of Evolve Financial Planning, says: “Firms have had time to prepare for the changes and I do not think this is a pre-cursor to the RDR being delayed.”

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Readers' comments (5)

  • This'll be a hoot. It'll be as loaded as the BBC question time audience.

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  • Is the questionnaire going to "advisers" "firms" or both? This would be a very useful excecise so that the FSA can guage how successfull RDR and the exam process is going, with 9 months to go before birth.

    There really are 2 issues:

    1. How are Firms/businesses adapting. How ready are they, how comfortable are they and are clients being advised now of the changes. Forgetting all the hassles and changes, this has provided an fantastic opportunity to visit every client in the run up to review every aspect and more importantly, whether to engage or disengage.


    2. From the adviser perspective, the FSA need to know how advisers have or are coping with the level 4 or 6 process. Up to now it is a case of go get the book, go learn, go pass an exam. It is such a shame that the industry hasnt taken grasp of the exam process and actually used the learning process more in terms of acquring and retaining the knowledge rather than "learn to pass the exam". What a perfect opportunity to move from level 4 to level 6. Even in my advancing years, I am hoping to go all the way to Chartered status, however, I do not beleive that this can be achieved on a self learning basis - it needs the support of the FSA, Proffesion and Firms.

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  • Questionnaire hit my e-mail 24th Feb....its quite intensive but does seem very appropriate in content and had a deadline response of 9th March. In other words worth getting on with it soonest like all other preparations for 2013.

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  • And so it came to pass that independent financial advice was no longer available to the majority of citizens of that land and the regulator wondered what exactly they had done wrong and there was much distress, gnashing of teeth and compensation claims for missold goodies.

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  • Well Done the Good old FSA send a questionaire out when it is to late. I wonder what response i would get by dealing with clients in this mannor. The FSA have dismantled the IFA Sector and will find that it benefits no one apart from the banks. Well done banks win again, This regulator is a joke

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