FSA pledges to work with firms in 2013 thematic reviews

The Financial Services Authority (FSA) has pledged to work with firms in 2013 as it carries out a series of thematic reviews into how the Retail Distribution Review has been implemented.

The FSA will conduct four thematic reviews this year in three cycles beginning later this month. It will publish its findings after each cycle. Four areas will come under the scope of the regulator's investigations; professional standards, charging, description of services and independence and restricted offerings. The FSA said 2013 will be a year of working with firms to make sure they are applying the new rules, and firms will be "given a chance" to adapt to the post-RDR world. However, if poor practice is still evident after the third cycle, action may be taken against those see...