Wheatley regrets six-year RDR timespan

Martin Wheatley, the chief executive of the Financial Conduct Authority (FCA), has said the regulator regrets the time it took between the conception of a Retail Distribution Review (RDR) in 2006 and the roll-out of new rules more than six years later.

He admitted at an RDR update it had taken the regulator "an awful long time, many people would say too long" to put together the RDR framework that came into effect on 31 December 2012. Wheatley (pictured) also suggested the changes were far from being completed, with platforms still awaiting final rules that have been dubbed 'RDR II' and various post-RDR implementation reviews still underway. The RDR was first mooted by then-Financial Services Authority chairman Callum McCarthy at a speech in Gleneagles in 2006. Wheatley said: "It would [have been] nice to get everything done in o...