FSA dismisses Treasury's RDR concerns

The Treasury Select Committee (TSC) has called for a 12 month delay to the RDR to enable more advisers to reach Level 4, among a series of other concessions, but the FSA has flatly refused any negotiation on a change to its plans.

In the TSC's report on the RDR out today, MPs said pushing the implementation of the RDR back to 1 January 2014 could increase the number of firms and advisers making the transition to the new system, and avoid an advice gap. The TSC - which called the FSA's case for Level 4 "weak" - also recommended the FSA provide for flexibility for the 'grandfathering in" of advisers on a case by case basis. To allow advisers committed to the RDR to continue providing advice to the public, MPs wanted the supervision of non-qualified advisers by Level 4 peers and the regulator until they had reache...