Retail Distribution Review

The CII is helping to facilitate debate on all aspects of the various consultation phases of the RDR.

As the industry's main professional body, the CII seeks to guide the profession through this process and help ensure the result enhances consumer confidence.

What you need to know.

Latest Updates:

the FSA published a Quarterly Consultation on 6 June consulting on, among other things, conferring Accredited Body to the CII. The regulator also published an RDR update newsletter to clarify some aspects ahead of the Dec 2012 deadline. This CII briefing summarises these announcements.
On 8 February the Treasury Select Committee published written evidence submitted to them regarding the Retail Distribution Review. Click here to access the CII’s submission to the Committee and here to access all other submissions.
On 20 January the FSA published its Policy Statement on professionalism. It sets out the FSA’s final rules on qualifications and Continuing Professional Development and outlines the criteria which organisations must meet in order to become Accredited Bodies. For an overview of the paper and the latest RDR timetable please click here. The FSA has also published a Newsletter providing bitesize information for firms on the final rules.
On 21 October the Personal Finance Society hosted its 3rd annual RDR conference, in association with AEGON, ‘RDR – Are we there yet?’. Key speakers, including Sheila Nicoll, Director of Conduct Policy, FSA and Peter Jolly, Assistant Director, Consumer and Distribution Reform, ABI, reflected on the progress made to date and looked forward to the final leg in our RDR journey. The PowerPoint slides are available here and the video recording of the event can be viewed here.
On 24 September, the CII published its detailed response to the latest FSA consultation paper CP10/14 on the Retail Distribution Review (RDR). It sets out our views towards the proposed professionalism framework, statements of professional standing, continuing professional development, ethics, and the criteria for recognising professional bodies. Click here for the full consultation response. Click here for a full CII/PFS briefing on FSA CP10/14.
On 6 September, the CII published its response to the FSA consultation CP10/12 Competence & Ethics, proposing improvements to professional standards across the financial services industry. Click here for the full consultation response.
Our briefing on a report by J.P. Morgan Asset Management that shows that professionals such as accountants and solicitors value Chartered status when evaluating business connections with independent financial advisers.
On 26 April the CII outlined its proposal for the new post-RDR diploma. The diploma is scheduled to be launched in early June and will meet the FSA level 4 Qualifications and Credit Framework (QCF) requirement.
On 26 March the FSA published its latest RDR related Policy Statement. The paper reports on responses to the July RDR consultation paper (CP09/18) and gives recommendations on delivering the RDR. For an overview of the paper and the latest RDR timetable click here. On the same day the FSA also published a discussion paper on platforms and a consultation paper on pure protection. For a document providing a more detailed examination of all three of the FSA's papers and their implications, see our briefing FSA March 2010 RDR Papers: A Closer Look.
On 18 March 2010 the CII/PFS published its latest membership survey capturing the views of financial advisers and other practitioners on the RDR consultation. Over 1,360 members responded, and results show strong and continued support for the professionalism proposals. Click here to view the full results.

FSA Qualifications Updates:

On 6^th March 2009 the FSA issued a statement seeking to clarify its intention for the new benchmark qualification at level 4 to deliver a step change in standards of professionalism.

PFS Press Release
PFS Update for Members.

RDR Live
	Events		RDR Useful links
The PFS is running or involved in a number of RDR related events.		Press & publications FSA Financial Services Consumer Panel Age Concern Consumer - Which?
	Video archive
Click the link above to view the archive of video content.