Citywire printed articles sponsored by:
View the article online at http://citywire.co.uk/wealth-manager/article/a706359
Tyrie vows to monitor ‘unfortunate consequence’ of RDR
by Michelle Abrego on Oct 01, 2013 at 08:07
Treasury Select Committee (TSC) chairman Andrew Tyrie warned the Financial Conduct Authority that he and his colleagues were ‘keeping an eye’ on the impact of the retail distribution review (RDR) and said it was ‘too early to tell… how much damage has been done’.
Speaking at the Conservative party conference in Manchester Tyrie said the RDR was ‘probably’ still the right thing to have done to make costs more transparent to consumers, but argued it had the ‘unfortunate consequence’ of shrinking the advice market.
'It is having the unfortunate consequence of consolidating the industry to a smaller number of large players,’ he said.
'Can we get some competition on the bottom end? That's something we'll watch very carefully.'
Tyrie (pictured) said he was disappointed by the Financial Services Authority’s decision to reject the TSC’s proposals to delay the RDR by a year.
He said the TSC would monitor the effects of the RDR and that it was too early to say whether or to what extend it had caused damage.
'The TSC proposed a pause on the road out of RDR in terms of trying to get this right but the regulator rejected that proposal,’ he said. ‘We are watching it. It's too early to tell whether or if, how much damage has been done and we will keep an eye on it.’
News sponsored by:
Today's top headlines
More about this:
On the road
on Dec 06, 2013 at 14:28