FSA: banks and insurers struggling to adapt to RDR

"banks and insurers struggling to adapt to RDR"

You don't say! Well I never, Shiver me timbers, shock, horror... you get the drift.

The whole nation will struggle because the RDR is so complicated, unfathomable, convoluted, puzzling... yes you know what I mean.

Basic advice, restricted advice... what the heck is this if it isn't confusing?

If a consumer is asked what this is all about he or she will look as blank as they did at depolarisation.

And yes Mr Taylor it is playing into the hands of the banks and salesforces like St James Place, the silence from them is evidence enough. The sooner the policy makers admit this is so the better it will be for 'consumers'.

Once upon a time there was an independent adviser and there was a tied adviser and the first paragraph of the terms of business was short, simple and understandable. One worked on behalf of the client and the other worked for a bank or insurance company, then...............................................

BC1 - Precisely, there was even an anti tied adviser SIB document that the salesforces refused to hand over to 'consumers', LAUTRO got rid of that PDQ. The trouble is that old codgers can remember the highs (and lows) of regulation, unfortunately I haven't seen any highs for over a decade.

Funny in'it. When I entered this glorious business 15 or so years ago consumers used to know that you were tied or independent and often went for the perceived security of the DSF but with the extra expense. There were some expensive products about but that, amongst other things, paid for a high level of servicing from some of the DSFs. It was by no means a perfect world but a lot more people used to save a lot more money and a lot more regularly. And now it is all a lot cheaper and the adviser has his feet in one camp, a couple of camps, a few camps or many camps.............

RDR. It is all such a mess and should have the same fate as Poll Tax.

We need a riot?

I predict one !!! cue the music.

Experienced stockbrokers also are being targeted re entry to the orwellian Level 4. How on earth can any responsible regulator allow this to happen? Those with 20+ years experience in Capital markets who have already watched as countless regulators have passed them by are now being hounded by Human Resources & Training directives into taking wholly unnecessary PCIAM examinations which unbelievably have a focus on taxation and derivatives. This is wholly unnecessary. The sooner the Coalition realise RDR is dangerous, dictatorial and stupid the better for everyone effected, especially the thousands of clients of these experienced personnel. Hector Sants is now rebuilding his 'house' and he and the others who have been at the helm of FSA need to be stopped before the replacement regulatory body becomes a carbon cop of what we've had since 2000.

Some have been calling for a new stockbroking body representing stockbrokers interests but like so much in UK there is total apathy. The CISI has let experienced personnel down and moved in a different direction to its foundations from the membership of the old 'better' Stock Exchange.

You are right Newtonian, there could well be a riot if IFA's and stockbrokers are treated in this way as a result of RDR and further intimidation from FSA towards true independent advisers. It's almost as if the FSA, CISI and other bodies want us all to think the same way and act the same way. Taking the entrepreneurial spirit out of the business will drive the real talent underground and possibly offshore.

CoeurDeLion87

Will the FSA insist that Warren Buffett attain these qualifications?

One small crumb of comfort here is that this hasn't been tested yet.

WB is a yank of course and he'll be protected by his chums at Goldman Sachs who in turn have the Fed & SEC in their pocket. But you do bring up an interesting point about 'market grandees'. So many hide inside 'hedge funds' and loosely attach themselves to FSA regulated businesses.

The whole essence of RDR is completely bonkers. It is human nature to give people assistance and advice. Quite how FSA are going to prevent 'ordinary citizens' from giving 'investment advice' and commenting on 'investments' amongst themselves should be interesting. Fleet Street must be quaking in its boots too if RDR is to be believed.