FCA begins phase two of 'statistically significant' RDR review

The Financial Conduct Authority (FCA) has sent emails to 120 advisory firms asking them to complete a questionnaire that will form the basis of part two of its three-pronged review into the impact of the Retail Distribution Review (RDR).

FCA technical specialist Rory Percival told delegates at the Institute of Financial Planning (IFP) conference on Tuesday that the review will be more "statistically significant" than the first, which looked into firms' compliance with adviser charging. Percival said: "We always said that we are going to have three cycles of this. The first cycle, that we published the results of in July, was always intended to be quite supportive of the industry, giving indications early on about what good and poor practice looks like. "The follow-up cycles are going to be more like 'OK, you've had th...