The guide, entitled 'RDR: Is your firm on track?', is designed to help advisers implement the requirements of the Retail Distribution Review (RDR). It asks some key questions that can be used to check progress, identify any gaps, and prioritise and plan next steps.
The following key areas are covered:
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professionalism: appropriate qualifications, gap fill and statement of professional standing;
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independent and/or restricted advice: choosing and implementing your service model; and
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fees and business models: moving to a new fee-based adviser charging model.
This guide also encourages advisers to think about their wider regulatory obligations, such as treating customers fairly, and how these can be factored into the changes made when implementing the RDR.
The questions in each section will help advisers consider what they need to do to meet the new requirements, although this list is not exhaustive.
Further information can be found on the FSA's website, e.g. the knowledge gap fill template, details of Accredited Bodies, approved qualification list, one-minute guides and FAQs on various aspects of the RDR.
Guide
© FSA - Financial Services Authority
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