RDR support centre
Welcome to our RDR Support Centre - dedicated to helping you prepare for the implementation of the RDR. Understand the regulations and download our resources developed to help you prepare for 2013.
For guidance on RDR & professionalism watch our annual RDR Masterclass.
Professionalism has become a focal point for many advisers, wanting to understand what they will be required to achieve to meet the new regulations which will take effect on 1 January 2013.
The topic for this session is the outlook for the RDR and what it means for businesses as the key deadline looms at the start of 2013. On the panel once again we have three industry experts - Ken Davy, Chairman of SimplyBiz, Russell Warwick, Distribution Change Director at the Prudential and Robert Wood, Director, Financial Services Division at Ernst & Young.
In this RDR Masterclass the panel discuss:
- How successful is the RDR?
- How has the FSA performed?
- What will happen to orphaned clients?
- Grandfathering and the cliff edge date
- Platform commission
- Legacy assets
- Final thoughts
Click to watch the RDR Masterclass.
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Recent FSA communications Read our summaries of important RDR communications, by clicking on the options below. PS10/06: Distribution of retail investments - feedback to CP 09/18 and final rules In this first set of rules, PS10/6, the FSA have confirmed that independent advice will require advisers to consider a wider range of retail investments for a relevant market. Adviser charging is definitely here to stay and the FSA have stated that they will be closely monitoring the market to ensure there are no practices to circumvent this new requirement. Importantly the FSA have also stated that advisers "can only charge ongoing fees for an ongoing service" and that factoring and negative charging will be banned. The FSA have confirmed that there will be a 'line drawn in the sand', in their approach to legacy business. PS10/10: RDR & Group Personal Pensions The final RDR rules on Adviser Charging were published in March 2010, in PS10/6. These apply to all investments falling under the new definition 'retail investment product', including individual personal pensions. In the FSA's Consultation Paper 11/3, it asked for feedback on how Adviser Charging would apply to group pensions. The final rules on Consultancy Charging, which apply to group personal pensions, were published in June 2010, in PS10/10. The Adviser Charging rules ban the payment of commission for advised sales of investments and the Consultancy Charging rules ban commission for all sales of group personal pensions. The following should help you to understand the new rules, how they will operate and what product providers will need to do to facilitate the new regulations. CP 11/3: New disclosure requirements In CP 11/3 the FSA outlined its requirements for product providers to amend Key Feature Illustrations (KFIs) by the end of 2012 to accommodate Adviser Charging. The FSA has also proposed that product providers offering other investment product, including group pension schemes should also amend their KFIs to reflect the RDR ban on commission. Next steps The FSA plans to publish a Policy Statement giving its response to feedback on the new disclosure proposals in the second half of 2011, and any final rules will come into force as follows:
PS10/13: Pure protection sales by retail investment firms The FSA published Policy Statement (PS) 10/13 on 24 September 2010. This 26-page paper is entitled 'Pure protection sales by retail investment firms: remuneration transparency and the COBS/ICOBS election - Feedback on CP10/8 and final rules'. PS11/1: Delivering the RDR - Professionalism On 20 January 2011, the Financial Services Authority (FSA) published Policy Statement 11/1 - Delivering the RDR - Professionalism which includes the final policy and rules to raise professional standards. |
RDR support materials
- Download our essential guide.
- A shared approach to Adviser Charging and Consultancy Charging
- Grow and protect your business.
- Online training and development.
Watch our video with Nick Hunt, Markets Development Manager at Prudential, on the business decisions you may need to take ahead of the implementation of the RDR.
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