Industry split on need for RDR
Wednesday 31st October 2012, 11:00AM GMT.
INDUSTRY interest in adopting the UK’s Retail Distribution Review appears to be split.
The States this week announced a consultation on the issue after the Guernsey Financial Services Commission said it believed a ‘wait and see’ approach would be most appropriate.
The Commerce and Employment Department is consulting about whether the RDR, which would see greater transparency in services and fees from those selling financial products to customers, should be adopted locally.
The Guernsey International Business Association has welcomed the consultation and favours closer integration with the RDR regime.
‘I believe that the GFSC’s position on the Financial Services Authority’s Retail Distribution Review is a missed opportunity to ensure standards in Guernsey protect the local consumer and to ensure that international businesses can offer investment products to consumers in the UK without barriers,’ said Peter Mills, spokesman for the Guernsey International Business Association, pictured.
The Guernsey Investment Managers and Stockbrokers Association has proclaimed its broad support for RDR, but the GFSC’s own questionnaire received mixed replies.
- The consultation document is available at www.gov.gg or from Raymond Falla House. The consultation will be open until 2 January 2013.