RDR crisis as Prudential calls for a delay

Prudential has become the latest insurer to question the FSA’s current Retail Distribution Review deadline.

Prudential has become the latest insurer to call for the FSA to rethink their current Retail Distribution Review deadline.
Zurich was the first insurer to express their concerns due to lack of clarity in the new rules. This stance has been backed by the Treasury Select Committee who has advised a one-year delay.
The announcement from Prudential comes after last week’s revelation by FSA that its final rules on platform fees and cash rebates are to be pushed-back.

In response to this, a spokeswoman for the Association of British Insurers said: “Delays in the detail are raising practical challenges so we hope the FSA will work with the industry to get these issues resolved as soon as possible.” However, they have stopped short of calling for outright delay.

This level of caution has been echoed elsewhere as a spokesman for Standard Life says: “We would like to see the RDR implemented on time. However, there are areas where we need improved clarity from the FSA and it is important weget that clarity soon.” Despite Prudential, Zurich and the Select Committee reservations, the FSA’s December 31, 2012 implementation deadline continues to be backed by Aegon, Axa, Aviva and L&G.

Register for Updates

Register to receive news updates straight to your inbox.
  • We will only send you marketing information using the details you have provided to deliver, develop and promote our products and services if you give us consent to do so. Please use the options below to indicate if you consent to us using your information for this purpose. For further information please read our privacy notice.
  • This field is for validation purposes and should be left unchanged.

Newsletter

Sign up to our newsletter
  • We will only send you marketing information using the details you have provided to deliver, develop and promote our products and services if you give us consent to do so. Please use the options below to indicate if you consent to us using your information for this purpose. For further information please read our privacy notice.
  • This field is for validation purposes and should be left unchanged.

Technology Form

  • We will only send you marketing information using the details you have provided to deliver, develop and promote our products and services if you give us consent to do so. Please use the options below to indicate if you consent to us using your information for this purpose. For further information please read our privacy notice.

Get in touch with us

We're ready to show you the future of consulting. Just fill out the form below!
  • We will only send you marketing information using the details you have provided to deliver, develop and promote our products and services if you give us consent to do so. Please use the options below to indicate if you consent to us using your information for this purpose. For further information please read our privacy notice.

PPI Case Handler Profile

Complete your details below to receive our PPI Case Handler profile.
  • We will only send you marketing information using the details you have provided to deliver, develop and promote our products and services if you give us consent to do so. Please use the options below to indicate if you consent to us using your information for this purpose. For further information please read our privacy notice.
  • This field is for validation purposes and should be left unchanged.

Subject Access Request

    We require basic personal details to locate you on our records.

Request to Delete your Personal Data

    We require basic personal details to locate you on our records so we can delete your information.

Request to Withdraw Opt-In

    We require basic personal details to locate you on our records.