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Regulator's Woodall braced for a year of monitoring
by Michelle Abrego on Jan 09, 2013 at 11:12
FSA head of investment intermediaries Linda Woodall prepares for a year of reviewing the RDR’s impact and ensuring advisers comply with the rules.
The retail distribution review (RDR) deadline of 31 December was the beginning, not the end, of a long road to reforming financial advice, according to the woman charged with ensuring the changes deliver their intended outcomes.
Linda Woodall (pictured) is the latest in a string of Financial Services Authority (FSA) employees to be charged with overseeing the RDR. And while the regulator’s policy team may be taking a break in 2013, Woodall and her supervisory team are braced for a busy year, checking advisers fall in line with the new rules and that consumers benefit.
Woodall, who is head of investment intermediaries, said advisers must continually check their proposition delivers the right outcome for clients. She said the FSA would practice what it preached in this respect by reviewing the effectiveness and impact of its RDR policies over the coming year.
Four thematic reviews
The FSA will conduct four thematic reviews in three cycles over the next 12 months before publishing a formal review and research findings in 2014 on how successful the RDR has been, said Woodall.
The thematic reviews will be on professionalism, charging structures, description of advice and non-advised sales.
Woodall said the FSA would publish its findings and share guidance on what advisers needed to do to ensure good practice at the end of each cycle.
‘It’s recognised this has been a big change, and the fact that we’ve got this far is not the end of the story,’ she said.
‘There are three distinct cycles, and we will be sharing good practice and [information on] areas where we think the marketplace could improve.
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