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Tag Archives | RDR


Proposed categorisation of financial advisers – Seven focus areas identified under RDR

The FSCA recently published RDR Discussion Document updates and, amongst others, requested input on various aspects of the adviser categorisation model. The seven key focus areas of the document are: Section 1: Terminology to describe adviser categories Appropriate terminology is required to designate the two proposed adviser categories in order for customers to understand who […]

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Latest RDR update on two-tier adviser model – What’s in a name?

The FSCA recently published various RDR (Retail Distribution Review) discussion documents for comment. One of the documents provides specific updates and requests input on several aspects of the adviser categorisation model. Purpose of categorisation and proposed model In the initial RDR paper the FSCA explained the purpose as: The financial services customer should be in […]

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To fee, or not to fee?

The right to charge additional fees, and particularly “admin” fees, has long been a bone of contention, particularly in the short-term industry where it is particularly prevalent. The latest draft General Code of Conduct (GCoC), which closed for industry input yesterday, contains three new paragraphs which aims to provide clarity on this thorny issue. 3A. […]

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FSB RDR Update November 2017

At the end of last year’s Insurance update from the FSB, Jonathan Dixon said: “We had better fasten our safety belts – this is going to be rough year”, or words to that effect. Having read all eleven presentations for this year’s road show this weekend, it might be advisable to strap on a parachute […]

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New steps to curb Churning

The Retail Distribution Review (RDR) of 2014 contained several comments that expressed concern about the negative effects of “churning” which it described as “inappropriate or unnecessary replacement of policies driven by intermediary incentives”. For example, Proposal NN contains the observation that “Analysis of the current distribution landscape has pointed to concerns about up-front commission on […]

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RDR feedback from the UK

On Tuesday, David Ferguson, founder and chief executive of Nucleus Financial Group in the UK, speaking at the Sanlam i3 Summit, said RDR and all the associated legislation introduced in the UK in 2012 have really been about driving value for money. RiskSA reports on this as follows: “The winners have been those who cared […]

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Call for Caution on Regulatory Interventions

On 27th of March we published an extract from the ASISA Dispatches to give readers a perspective on the multitude of legislative changes currently underway in the financial services environment. On Tuesday, the Financial Intermediaries Association of Southern Africa (FIA) issued a media release to express its concern over the unintended consequences of this raft of […]

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RDR in Perspective

I was fortunate to attend a recent presentation on this topic by Billy Seyffert, COO of Moonstone Compliance. Many see the Retail Distribution Review as the beginning of the end. In a way, this is correct, but only in so far as it applies to the world as we know it. Why RDR? Two concepts, […]

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