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.