RDR – A major change for the industry?
We have undertaken a number of pieces of work in 2012 particularly with the change of regulations through the Retail Distribution Review (RDR) in the UK business. We’ve outlined some of them below.
The Financial Services Authority (FSA) set up the Retail Distribution Review (RDR) to deliver an industry which:
- engages with consumers; provides consumers with more clarity on products and services; and treats consumers fairly, better addressing their needs and wants
- that raises the standards of professionalism amongst the adviser community, inspiring consumer confidence and building trust
- makes sure that firms are sufficiently viable that they can deliver on their long-term commitments, and have remuneration arrangements that allow competitive forces to work in favour of consumers
This meant that from 31 December 2012 some of the ways in which we sell and service our products changed.
There are a number of pieces of work that we have carried out to deliver an RDR ready set of solutions for financial advisors and customers.