The Retail Distribution Review (RDR) is central to the FSA?s agenda of customer protection and will affect firms across the value chain from the product manufacturers, such as insurers and asset managers to the distributors, such as banks, wealth managers and IFA?s.
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Four years on and the RDR is ostensibly still in its development phase, although much of the discussion has already taken place and all that is left is the ?roll out? phase, which now has an actual deadline. By the end of 2012 the Retail Distribution Review must be fully absorbed by financial advisers; of course, some are always quicker to adapt than others. Some of the initial reluctance is perhaps due to the retraining involved and the new qualifications advisers need to acquire. Some of the most experienced, respected and trusted members of the market will have to retrain and get new qualifications just to meet new regulation standards the same as anyone else. The FSA are, however, keen to not let professional become ?outdated?, hence the relatively long period in which advisers are allowed to gain the new qualifications.
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The Retail Distribution Review aims to drive structural change throughout the retail investments industry, in order to give consumers confidence that the advice they are given, and products they are sold, are best suited to their needs.
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Whilst the regulation will not be in force until the end of 2012, the market is already changing.
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What are the main changes?
The regulatory changes focus on several key aspects of the distribution of both retail investment products and corporate pensions, from status of advice, standards of professionalism, adviser charging, and platforms.
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For some people, the RDR has given them the opportunity to be at the forefront of change and gain an advantage over their competitors; BWD Search and Selection for example ? a specialist recruitment consultancy ? have teamed up with an Retail Distribution Review specialist trainer to make sure their candidates are fully trained and up-to-date, making them highly desirable in the reformed market.
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Such regulatory change is affecting the shape of the intermediary market and distribution models, while the removal of commission from new retail investment products is creating a shift in the value chain and market economics.
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The changes required as a result of the Retail Distribution Review are likely to have wide reaching impacts across organizations. Strategic responses will vary significantly in the degree of change involved, but all require significant changes to business and technology operations.
Source: http://www.startarticlesite.info/for-your-business-retail-distribution-review-finance-is-the-best/
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