FCA chairman defends RDR project

Financial Conduct Authority (FCA) chairman John Griffith-Jones said he is glad the Retail Distribution Review (RDR) did not take longer than expected, adding it achieved its aims despite failing to distinguish between guidance and advice.

The chairman told delegates at the annual dinner for members of the Association of Professional Financial Advisers (APFA) the regulator had achieved most aims apart from being clear on guidance versus advice and restricted versus independent, two key aspects for financial advisers. Griffith-Jones (pictured) said: "[Since the RDR,] messages from the adviser community were three-fold. Message number one was advisers want to do the 'right thing' and don't want to get in trouble with the FOS. "Message number two was: We want to have access to you and we want to understand what you are wan...