FSA's Wheatley reassures TSC over RDR 'cliff-edge'

The Treasury Committee has promised to monitor the benefits to consumers of changes introduced as a result of the Retail Distribution Review (RDR), after the Financial Services Authority (FSA) again said it would be sticking to its year-end implementation deadline.

In correspondence with Martin Wheatley, the managing director of the FSA's Conduct Business Unit, Treasury Select Committee chairman Andrew Tyrie said he was continuing to receive correspondence from stakeholders concerned at the "cliff-edge" nature of the implementation of the Review. But Wheatley, in response, said the regulator was satisfied with advisers' progress towards meeting the RDR requirements and would, therefore, be sticking to its existing 31 December 2012 deadline. Highlighting its most recent progress report, conducted in the spring, Wheatley said 93% of advisers state...