The Treasury select committee (TSC) has launched a consultation on the retail distribution review (RDR) and is seeking written evidence on whether the RDR will achieve its stated outcomes.
On Tuesday, Hector Sants, the chief executive of the FSA, told the committee the RDR was intended to deliver a transparent and fairer charging system, a better qualification framework for advisers and greater clarity around the type of advice being offered.
“The concerns that have been raised at committee were loud enough to look at this in more detail”
The TSC is calling for written evidence on whether the RDR will achieve these outcomes and whether the outcomes could be achieved in other, potentially better, ways.
Andy Love, a TSC member and Labour MP, says: “We are going to have a brief session on the RDR because the concerns that have been raised at committee were loud enough to look at this in more detail. I think that is right and proper, and I am pleased there will be a debate in the house because that again is a reflection of the level of concern out there.” (article continues below)
The committee says at present it is not conducting a full inquiry and no one will formally give oral evidence. A decision will be taken at a later date, in light of the evidence, as to whether to widen the consultation and ask for people to sit before the committee.
The closing date for written evidence is the January 17.