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The Retail Distribution Review (RDR) was launched by the FSA in June 2006, fundamentally to reconsider how investments were distributed to retail consumers in the UK. Although it has undergone a series of revisions since its inception, the RDR remains a pivotal strategic initiative of the FSA, and has potentially far-reaching implications for all involved in the financial services industry.

The RDR aims to ensure that:

• consumers are offered a transparent and fair charging system for the advice they receive;
• consumers are clear about the service they receive; and
• consumers receive advice from highly respected professionals.

To achieve this the FSA has published new rules that will require:

• advisory firms to disclose explicitly to clients and charge clients separately for their services;
• advisory firms to describe clearly their services as either independent or restricted; and
• individual advisers to adhere to consistent professional standards, including a code of ethics.

These changes will come into effect on 31 December 2012 and will apply to all advisers in the retail investment market, regardless of the type of firm they work for (banks, product providers, independent financial advisers, wealth managers, stockbrokers).

FSA Fact Sheet: Your top questions on RDR

FSA: RDR Q&A, 28.2.13


The Chartered Insurance Institute (CII) is helping to facilitate debate on all aspects of the various consultation phases of the RDR. As the industry's main professional body, the CII seeks to guide the profession through this process and help ensure the result enhances consumer confidence. For the CII's solutions on RDR implementation click here. For FAQs on gap-fill click here.


The Chartered Institute for Securities and Investment (CISI) has published a series of booklets to offer information and practical support to all members and other financial services practitioners affected by the Review. View






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Retail Distribution Review (RDR) - 20135 articles out of 5.
10 Dec 2013 Deloitte: RDR one year on - How the regulations are affecting financial advisers

04 Jul 2013 FCA consults on distribution of retail investments: Referrals to discretionary investment managers and adviser complaints reporting (RDR)

11 Mar 2013 IFAonline: RDR named 'most significant' global advice change

20 Feb 2013 FSA publishes final RDR Newsletter

09 Jan 2013 FSA sets out four RDR thematic reviews for this year


Retail Distribution Review (RDR) - 201244 articles out of 44.
05 Dec 2012 FSA publishes Retail Distribution Review Newsletter, December 2012

28 Nov 2012 Deloitte: Third of consumers to opt for DIY financial planning to avoid paying fees for advice

30 Oct 2012 FTAdviser: FSA gets green light for RDR clampdown

19 Oct 2012 FSCP: European legislation may undermine RDR

01 Oct 2012 RDR 'may face legal challenges' after European rebate vote

01 Oct 2012 FSA: Inducements rules and the Retail Distribution Review (RDR) adviser charging rules

07 Sep 2012 Treasury Committee publishes letter from Martin Wheatley on Retail Distribution Review

31 Aug 2012 FSA publishes RDR Newsletter August 2012

15 Aug 2012 FSA considers RDR deadline extension requests

07 Aug 2012 FSA warns IFAs over stress testing post-RDR propositions

30 Jul 2012 Deloitte study finds RDR jeopardises financial advice provision

20 Jul 2012 RDR and offshore products – The long arm of the FSA

10 Jul 2012 House of Lords Committee urges EU to adopt RDR model and widen commission ban

28 Jun 2012 FSA publishes June 2012 RDR newsletter

27 Jun 2012 FSA Consultation Paper: 'Payments to platform service providers and cash rebates from providers to consumers' [RDR]

22 Jun 2012 FTAdviser: IMA calls for FSA to remove RDR/MiFID conflicts

14 Jun 2012 Regulating in a new era of professionalism: What does the FSA want to see from the industry?

07 Jun 2012 FSA publishes finalised guidance on the RDR rules for independent and restricted advice

29 May 2012 Risk.net: Stripping out commission will transform UK market, says FSA's Woodall [RDR]

23 May 2012 Credit Suisse/Spencer: RDR is blueprint for rest of world

22 May 2012 Consumer Panel reminds MPs to 'mind the gap' [RDR]

16 May 2012 FN: Carmignac reduces euro exposure to zero [RDR]

16 May 2012 IFA Online: Watch your back, Europe's regulators are set to strike [RDR]

30 Apr 2012 FSA publishes RDR Newsletter April 2012

27 Apr 2012 BDO warns of RDR clash with European regulations

17 Apr 2012 FSA Linda Woodall: Getting ready for the Retail Distribution Review (RDR)

09 Apr 2012 ABI responds to FSA's guidance consultation on RDR - Independent and restricted advice.

06 Apr 2012 Euro battle over RDR commission ban

05 Apr 2012 Consumer Panel says RDR guide does not go far enough

30 Mar 2012 FSA must do more to help IFAs clear the final RDR hurdles

29 Mar 2012 Cofunds: FSA's platform confusion could create second RDR

22 Mar 2012 FSA Policy Statement 12/5: Distribution of retail investments - RDR Adviser Charging/Solvency II disclosures, feedback to CP11/25

13 Mar 2012 FTAdviser: FSA reveals concern over ‘stretched’ networks pre-RDR

01 Mar 2012 CII summary of recent FSA papers on the RDR

29 Feb 2012 FSA publishes RDR Newsletter February 2012

27 Feb 2012 FSA published ‘Distribution of retail investments: RDR Adviser Charging – treatment of legacy assets’

23 Feb 2012 FTAdviser: Delivering RDR knowledge - IFAs need to look at CPD too

23 Feb 2012 FTAdviser: Delivering RDR knowledge - IFAs need to look at CPD too

21 Feb 2012 FT: Commission reform poses threat to IFAs (UK/RDR)

14 Feb 2012 RDR 'driving offshore bond providers to EU'

10 Feb 2012 FSA publishes RDR guide for advisers

31 Jan 2012 FSA says RDR commission ban compatible with MiFID II

09 Jan 2012 FTAdviser: RDR - Preparing for the unknown

04 Jan 2012 2012 - The final RDR countdown


Retail Distribution Review (RDR) - 201151 articles out of 51.
31 Dec 2011 CII Policy Briefing: RDR - Update on Preparing for Implementation

14 Dec 2011 FTAdviser: RDR countdown

29 Nov 2011 RDR: Shaking up investment management?

28 Nov 2011 Investment managers will need at least three share classes for funds after RDR

18 Nov 2011 FSA published RDR Newsletter November 2011

16 Nov 2011 IFAonline: FSA sticks to guns over legacy commission ban (RDR)

15 Nov 2011 IFAonline: Revealed - The FSA's nine RDR 'success indicators'

14 Nov 2011 Deloitte: RDR - Shaking up investment management?

10 Nov 2011 FSA issues CP11/25: Distribution of retail investments - RDR Adviser Charging and Solvency II Disclosures

10 Nov 2011 IFAonline: Two months left before the ‘real RDR deadline’

08 Nov 2011 FSA published PS11/14 Product disclosure: Retail investments - changes to reflect RDR

07 Nov 2011 European Commission suggests MiFID II "compatible" with RDR

05 Nov 2011 FSA refuses TSC calls to delay the RDR

05 Nov 2011 Commons Select Committee published Government and FSA responses to its RDR Report

01 Nov 2011 IFAonline: Sants admits FSA accountability issues; apologises for RDR response

25 Oct 2011 FTadviser: MiFID proposals could ‘steal RDR’s thunder’

24 Oct 2011 Deloitte: High alpha fund managers to benefit from RDR

14 Oct 2011 FSA warns revenue-share deals will be outlawed under RDR

13 Oct 2011 FSA Woodall: RDR implementation considerations

06 Oct 2011 IFAonline: Advisers have just three months before ‘real’ RDR deadline

30 Sep 2011 MoneyMarketing: Can FSA win the European RDR commission fight?

26 Sep 2011 FSA gives accredited bodies go-ahead to issue adviser SPSs (RDR)

15 Sep 2011 FTAdviser: FSA insists RDR will not create advice gap

15 Sep 2011 CII: FSA Guidance Consultation - 'Simplified Advice'

01 Sep 2011 CPD reform is biggest RDR change, says CISI

01 Sep 2011 CPD reform is biggest RDR change, says CISI

25 Aug 2011 IFAonline: RDR and qualifications - the definitive Q&A

16 Aug 2011 Citywire: Providers warn legacy commission ban will double RDR cost

12 Aug 2011 MoneyMarketing: Deadline dogma risks wrecking success of RDR

01 Aug 2011 IFAonline: FSA - Platform rebate rules will come in after RDR

01 Aug 2011 FSA publishes PS11/9: 'Delivering the RDR and other issues for platforms and nominee-related services'

25 Jul 2011 IFAonline: Sants rules out 'any dilution' of RDR

19 Jul 2011 CII response to Treasury Select Committee report on Retail Distribution Review

16 Jul 2011 IFAonline: FSA responds to TSC's RDR concerns

16 Jul 2011 IFAonline: FSA's latest thinking on the RDR

07 Jul 2011 FTAdviser: RDR is 'major catalyst' for platform growth - Defaqto

07 Jul 2011 FTAdviser: World keeps a close look at RDR

01 Jul 2011 FSA published Factsheet for Financial Advisers: 'Improving your understanding of the Retail Distribution Review (RDR) – Professionalism'

30 Jun 2011 CII: Financial capability - The Money Advice Service and educating the public on the RDR

29 Jun 2011 IFAonline: ABI says FSA legacy policy 'fundamentally' changes RDR

16 Jun 2011 CII Thinkpiece: Delivering simplified advice for the mass market: Is product regulation the answer?

06 Jun 2011 FSA proposes the first set of names of potential RDR accredited bodies

03 Jun 2011 FSA: June 2011 RDR Newsletter

02 Jun 2011 FSA published factsheet for retail investment advisers

01 Jun 2011 MoneyMarketing: What is the global impact of RDR?

31 May 2011 FSA published consumer information on RDR

11 May 2011 Citywire: How the FSA sold the RDR to Europe

01 Feb 2011 FSA: February RDR Newsletter

31 Jan 2011 FSA published 'Distribution of retail investments: Delivering the RDR - professionalism'

20 Jan 2011 Key RDR professionalism rule in force from July

05 Jan 2011 FSA published factsheet for financial advisers on understanding the RDR - professionalism


Retail Distribution Review (RDR) - 20105 articles out of 5.
25 Nov 2010 UK Commons Select Committee calls for written evidence on the Retail Distribution Review (RDR)

17 Nov 2010 FSA published CP10/29 Platforms: delivering the RDR and other issues related to platforms & nominee-related services

24 Jun 2010 FSA published PS10/10: Delivering the Retail Distribution Review: Corporate pensions

24 May 2010 FN: Retail Distribution Review could change face of wealth

26 Mar 2010 FSA published PS10/6: Distribution of retail investments: Delivering the RDR - feedback to CP09/18 and final rules