Financial Conduct Authority (FCA) chairman John Griffith-Jones said he is glad the Retail Distribution Review (RDR) did not take longer than expected, adding it achieved its aims despite failing to distinguish between guidance and advice.
The chairman told delegates at the annual dinner for members of the Association of Professional Financial Advisers (APFA) the regulator had achieved most aims apart from being clear on guidance versus advice and restricted versus independent, two key aspects for financial advisers. Griffith-Jones (pictured) said: "[Since the RDR,] messages from the adviser community were three-fold. Message number one was advisers want to do the 'right thing' and don't want to get in trouble with the FOS. "Message number two was: We want to have access to you and we want to understand what you are wan...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
