Advisers need to recognise that the regulator’s consumer agenda will come through in their supervisory behaviour and you need to ensure that, whatever your business model, it delivers both value and fair outcomes for your clients.
This means that operationally you should be prepared and have systems in place that support the delivery of your services, especially where these are of an on-going nature and maintain your own capability to provide professional services.
Simon Thomas is head of regulatory policy of Tenet Group
Key points
* Six years have passed since former FSA chairman, Callum McCarthy’s famous speech in September 2006 and RDR is finally here.
* The emphasis is now less about selling a product solution and more about selling your advice, time, expertise and skill.
* In this new climate the regulator can be expected to closely scrutinise all firms’ RMAR forms to formulate and direct their supervision activities.
