Those who know the Meatloaf song, knows that it continues: “…may appear closer than they are.”
Enquiries to the FSB regarding the current state of the Retail Distribution Review indicated that draft regulations and PPRs to give effect to the RDR Phase 1 proposals are expected to be published for comment in early August.
A recent presentation at the Momentum Summit by Ms Caroline da Silva, Deputy Registrar, FAIS, summarised these proposals. She also reiterated that the Regulator’s focus, going forward, will be on improving consumer outcomes by adapting legislation to be more customer-centric through the proactive management of conduct and integrity risks.
While we await further news, it may be wise to revisit what we already know.
The way you structure a complaint management plan, for instance, will be an indicator of your intent to treat customers fairly.
The biggest challenge will lie in our ability to make the required mind shift required under the new dispensation, rather than the redesign of our entire business.
An excellent article, recently published in Business Day Live, concludes as follows:
“The companies that make the future — not just take it as it comes — will be those that can embrace uncertainty and turn it to their advantage.”
I found the article How firms can avoid a Kodak moment” quite informative.