Call for RDR delay contested by CII and ABI

The CII and the ABI are arguing against the Treasury Select Committee’s proposal to delay the implementation of the RDR by a year.

An argument against the Treasury Select Committee’s proposal to delay the implementation of the RDR by a year has been put forward by the Chartered Insurance Institute and the Association of British Insurers.

The report to the RDR was published this weekend by the TSC calling for extra time to be given to advisors in order to achieve the required level 4 QCF qualification, commenting “A higher level of qualification for advisers can help build a stronger professional ethos among advisers and reflect the considerable of responsibility advisers have for the financial welfare of their clients. By asking for a delay of a year to the introduction of the RDR, we hope that advisers will take the opportunity to meet the new qualification requirements. We also recommend the FSA use other means, such as providing flexibility for advisers on a case by case basis, and allowing supervision of non-qualified advisers.”

However David Thomson CII director of policy and public affairs believes that a delay will undermine the confidence being built up by the RDR for the advisory community, as well as the public.

The FSA have also backed the sentiment by refusing negotiation, commenting in a statement “The FSA remain committed to implementation from January 2013,” adding there was “clear evidence” the industry is well advanced in its preparations, and that 49% of IFAs were already qualified and at least 82% expected to remain as retail investment advisers.

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