Retail Distribution Review Interim Report

The FSA hope to encourage consumers to get more confidence in using the retail financial products market.  As part of their project to achieve this, today the FSA have published the Retail Distribution Review Interim Report. 

There is more commentary on my employer’s site. Note this frank declaration of interest; access is free but you might need to register.  At its briefest, the FSA propose a “simpler landscape”:

• Independent advisers to help consumers distinguish between sales and advice.  Is this likely to be acceptable to providers?
• Sellers, who do not give advice.
• Money Guidance - generic advice to help the general population improve their financial awareness.

The FSA will publish a feedback statement in October 2008.  They will report industry responses, outline changes to rules and provide a timetable.