The Retail Distribution Review (RDR) proposes significant regulatory reform. As with any change in legislation, financial services providers (FSPs) will have to adapt to and change some of the ways in which they do business to comply with new requirements. We provide support to our clients by keeping them up to date with changes, helping them to identify how proposed changes may impact them and providing solutions that can be implemented to protect the integrity of their licence so that business can continue.
This ongoing support gives our clients peace of mind and places valuable client-facing time back into the hands of the FSP, which they would otherwise have had to expend to understand the changes and develop their own systems. As part of our RDR focus, we have previously released RDR special edition newsletters and videos in an effort to continuously keep our clients informed and up-to-date.
FSB Press Releases
FAIS Conference March 2017 – PowerPoint Presentations
1. The Retail Distribution Review paper
The much anticipated Retail Distribution Review (RDR) paper has finally been published for comment.
2. Will your value proposition stand the test of time?
Masthead focuses on advice: what the FSB proposes about advice services and what you need to do to build a strong value proposition based on your choice of advice services.
3. Define and refine your activities so customers know what they’re paying for
4. Re-balancing responsibilities for ensuring fair customer outcomes
Masthead looks at the responsibilities of product suppliers in ensuring fair customer outcomes. Under the current regulatory framework, responsibility for fair customer outcomes, particularly in relation to advice, has largely been placed on financial advisors. The aim of the Regulator is to re-balance this responsibility by requiring product suppliers to get involved. Click to read more
5. Unlock your remuneration potential by defining your customer interactions
Income is the lifeblood of any business. After all, this provides the cash flow. The most pressing question is therefore, “How will the RDR proposals affect advisors’ ability to earn a sustainable income, sufficient to meet expenses and maintain current lifestyles both in the medium and longer term?” To answer this question, one needs to understand the different ways proposed for an advisor to be paid, by whom and how this differs between product types. Click to read more
6. How will your status impact your customer relations?
The 55 proposals contained in the Retail Distribution Review (RDR) discussion paper can be grouped into three categories. In previous editions Masthead has focused on activity-based services and remuneration. In this edition, Masthead deals with the relationship or status of advisors under RDR. The reason for this is because relationship and status, together with activities, feed into remuneration under RDR. Click to read more
7. Financial planning criteria and hybrid advice models
Under RDR, all types of financial advisors will be able to offer financial planning or risk planning as a service to their customers. However, there will be competence criteria that they will be expected to meet and conduct standards to which they will have to adhere. Click to read more
8. Masthead submits RDR feedback to FSB after engaging with over 700 IFAs
As part of the consultation process the FSB invited feedback on the paper. So, over a period of about 12 weeks, we helped our IFAs to come to grips with the RDR paper. More recently we ran 20 workshops around the country, with over 700 IFAs attending. We used these sessions, as well as numerous email and telephonic comments as a basis for our input from IFAs. This detailed feedback was submitted to the FSB. Click here to read our feedback.