FSA: “We have listened on RDR”

The FSA has defended itself against suggestions it has not listened to concerns about the retail distribution review (RDR), suggesting the RDR has involved more industry consultation than any other initiative it has carried out.

Speaking at the Tax Incentivised Savings Association annual conference in London yesterday, Peter Smith, the head of investment policy at the FSA, said differences of opinion on the wisdom of the RDR will undoubtedly remain among some of its critics.

He said: “The RDR has emerged from what is now four and a half years of work involving more formal and informal consultation with industry stakeholders than anything else the FSA has ever done.” (article continues below)

Smith added the FSA could not be accused of not listening to the industry throughout the RDR consultation period.

He said: “A number of stakeholders will say ‘the FSA just does not listen’; this is a common criticism of regulators. I think the reality in this particular process is that we certainly have listened. We have not agreed with everything we have been told, but we certainly have listened.”