FCA delays RDR review; M&G chief named panel chair

The Financial Conduct Authority (FCA) is delaying the post-implementation review of the Retail Distribution Review (RDR) and will combine it with the Financial Advice Market Review (FMAR) in 2019.

FCA delays RDR review; M&G chief named panel chair

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The watchdog said extending the review, scheduled to take place this year, would give the market more time to react to regulatory changes following Mifid II and the FAMR, while reducing the administrative burden on firms.

The FAMR baseline report has identified accessibility, affordability and quality of advice as the three main themes to be tracked on an annual basis, with results published on the FCA website.

The baseline findings will be used to measure the FAMR outcomes during its review in 2019.

Elsewhere, Anne Richards, chief executive at M&G Investments, has been appointed the new chair of the FCA independent practitioner panel, effective from 1 August.

Succeeding António Simões, chief executive of HSBC Bank, Richards has been a member of the panel since 2013.

Meanwhile, John Trundle, chief executive of Euroclear UK and Ireland, has been named chair of the FCA markets practitioner panel. He takes over from Robert Mass, senior adviser in global compliance at Goldman Sachs.

Trundle will take up his post on 1 July, having been a member of the panel since 2013.

Both panels are independent statutory bodies that represent the interests of the financial services industry within the regulatory framework in the UK.

The FCA also confirmed the firms taking part in its Advice Unit set up in 2016 to provide regulatory feedback to firms developing robo-advice and discretionary investment management models.

Last summer, 10 firms took part: evestor, FinEx Capital Management, HSBC, Lloyds Banking Group, Money Guidance, Mortimer Mackenzie, National Westminster Bank, Nationwide Building Society, True Potential Investment and Santander.

Seven groups then followed early this year: 1825 – part of Standard Life, Direct Life & Pension Services, Investec Click & Invest, Moneyfarm, Multiply.ai, Personal Touch Financial Services and WealthKernel.

 

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