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Daily Insurance Industry News
Tuesday 21st of May 2019
September 23, 2008

ABI responds to FSA Retail Distribution Review

by Gill Montia

Story link: ABI responds to FSA Retail Distribution Review

The Association of British Insurers (ABI) has responded to the Financial Services Authority’s (FSA) interim feedback statement on the Retail Distribution Review (RDR) by saying that if the right outcome is reached, the RDR should lead to a real improvement in the way customers access and pay for financial advice.

The ABI’s director general, Stephen Haddrill, is convinced that the review presents a great opportunity to improve financial advice for those who currently use it, and to widen access to customers who currently do not get it.

He believes the FSA is on the right track with its proposals for clearer payment structures for advisers, and increased professionalism.

However, Mr Haddrill urges the FSA to reconsider its ideas on who will be authorised to provide financial advice.

The ABI is in favour of all suitably professional and transparently remunerated advisers being allowed to provide advice and give product recommendations.

This would include advisers who are tied to a provider of financial products, as well as those who cover the whole of the market and charge clients a fee for their services.

The full ABI response document is viewable on the association’s website.

 

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