FSA Names Retail Distribution Review Industry Group Heads

by Robin Pilgrim, LawAndTax-News.com, London

23 January 2007

The UK's Financial Services Authority (FSA) last week announced the industry figures that will lead the working groups of its Retail Distribution Review (RDR) to identify market solutions to core problems within the retail investment market.

The RDR's five key priorities and chairs of each group are:

• Sustainability of the distribution sector: Jo Dawson, Chief Executive, Insurance and Investment Division, HBOS Group;
• Impact of incentives: Mike Yardley, Group Chief Executive, Royal London Group;
• Professionalism and reputation: Roderic Rennison, Group Corporate Director, Thinc Group;
• Consumer access to financial products and services: Otto Thoresen, Chief Executive, AEGON UK; and
• Regulatory barriers and enablers: Dan Waters, Director of Retail Policy, FSA.

The role of each industry group is to reach broad consensus on the issues to be addressed; to identify both industry solutions and key barriers to delivering these solutions; and to engage the distribution market, as far as possible, in the achievement of these solutions.

Clive Briault, Managing Director of Retail Markets at the FSA, explained that:

"The Retail Distribution Review will act as a catalyst to improve the efficiency of the distribution of retail investment products and achieve better outcomes for consumers as a result. The appointment of industry leaders is an important step forward in achieving that."

"The industry has serious challenges to face from economic and market pressures as well as from complying with regulatory standards. The review will consider the bigger picture and the five priorities will not be viewed in isolation. We favour market solutions and are looking to facilitate an industry-led outcome."

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