ABI opposes proposed RDR delay
The Association of British Insurers (ABI) has come out against delaying the implementation of the Retail Distribution Review (RDR) until 2014.
The RDR requires advisors to have qualifications equivalent to a Certificate in Higher Education and will remove the system of commission paid to advisors, replacing it with Consumer Agreed Remuneration.
However, in a new report from the Treasury Select Committee, MPs warn that there could be a “substantial exodus” of experienced advisers from the market, if the RDR comes into force in January 2013, as planned.
The ABI has responded, saying it supports the existing timetable as it will allow more customers to have a better experience when they access financial advice.
The Association’s director of Life & Savings, Margaret Craig, comments: “It is imperative for the industry and FSA to not lose sight of the RDR’s overall objective, which was to make things simpler and more transparent for customers.”
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