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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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