The FSB published its Retail Distribution Review (RDR) discussion document, which contained a total of 55 specific regulatory proposals, in November 2014.
A subset of 14 RDR proposals was identified for implementation in “Phase 1.”
Yesterday (10 Nov 2015), the FSB published information on the next steps for implementation of these proposals, including proposed changes to the original ones published in 2014.
The 14 proposals identified for implementation in Phase 1 were envisaged as RDR proposals to be effected within the existing regulatory framework, using existing subordinate legislative and administrative powers. Implementation was scheduled between March 2015 and the effective date of the Financial Sector Regulation (FSR) Act.
A revised version of the FSR Bill was only tabled in Parliament on 27 October 2015, with promulgation expected in late 2016. This means that the scheduled implementation of the interim proposals had to be moved forward, with an anticipated implementation date of June/July 2016.
A high-level timeline and process update for the implementation of the balance of the RDR proposals is planned for publication before the end of 2015.
We published a number of articles, based on the presentations at the Insurance Regulatory Seminar held on 2 and 5 November 2015. The Status Update contains much more detailed information on these important proposed changes.
We urge readers to take time to study the Status Update as it will have a direct bearing on each and everyone in the financial services industry.
We provide links below to the Status Update, as well as the various presentations from the Insurance Regulatory Seminar for those who like their information in compressed format.
- RDR Phase 1 Status Update
- Update on Twin Peaks
- Future of Prudential Supervision
- Micro Insurance
- Future of Market Conduct Supervision
- Regulatory Framework Update
- RDR Update
The FSB welcomes comments on the preliminary information provided in the Status Update document from any interested persons. It would be appreciated if any comments or questions for clarification could be submitted no later than 1 February 2016.
Comments or questions can be submitted via:
Ms Leanne Jackson
Head: Market Conduct Strategy
Financial Services Board
P O Box 35655