CP10/29 and PS11/9 RDR & Platforms
Following on from a review of general disclosure in CP 11/03 and PS 11/14, the demands placed on platforms and IFA firms also look heavy from a reading of PS11/9 which contains final rules from CP10/29 entitled ‘Delivering the RDR and other issues for platforms and nominee-related services’.
Specific requirements are:
A reading of this Policy Statement does leave you asking the question: is the FSA dithering in too many contentious areas and putting off final decision-making until next year? This may be because the institution is going through wide scale change itself as the FSA splits into The Financial Conduct Authority (FCA) and the Prudential Regulatory Authority (PRA) and the harder focus of the FCA which now regulates IFAs.
No doubt further Disclosure updates will follow in the near future as slowly but surely all corners of the industry get clarity on what RDR really means in terms of what types of communication customers will need to receive and what safeguards will need to be applied to ensure they are treated fairly. Let’s hope the new FCA leaves enough time for providers and platform operators to make the necessary changes before the RDR comes into force.
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