In 2006, the Retail Distribution Review (RDR) was launched by the Financial Services Authority (FSA). The RDR is a new set of regulations which will affect the retail financial services industry and enforce new, high industry standards. It was identified that there were problems rooted deep in the market which the FSA were very keen to uncover and solve. To paraphrase the FSA themselves, the RDR?s primary aim was to ?fix the persistent problems which the retail investment market has faced over the last couple of decades?, such as a lack of consumer confidence and trust. The FSA assert that while the RDR might not yet be perfect, it is a ?step in the right direction? to improving the professionalism and quality of services in the market. So where is the RDR now?
Four years on and the RDR is ostensibly still in its development phase, although much of the discussion has already taken place and all that is left is the ?roll out? phase, which now has an actual deadline. By the end of 2012 the RDR must be fully absorbed by financial advisers; of course, some are always quicker to adapt than others. Some of the initial reluctance is perhaps due to the retraining involved and the new qualifications advisers need to acquire. Some of the most experienced, respected and trusted members of the market will have to retrain and get new qualifications just to meet new regulation standards the same as anyone else. The FSA are, however, keen to not let professional become ?outdated?, hence the relatively long period in which advisers are allowed to gain the new qualifications.
For some people, the RDR has given them the opportunity to be at the forefront of change and gain an advantage over their competitors; BWD Search and Selection for example ? a specialist recruitment consultancy ? have teamed up with an RDR specialist trainer to make sure their candidates are fully trained and up-to-date, making them highly desirable in the reformed market.
The question a lot of people are asking themselves at the moment is ?How long can I wait before I have to retrain?? The only useful answer, that can be given with any certainty, is that recruiters will definitely be looking for the new RDR-set qualifications on candidate?s CV?s ? if two candidates are competing for a job but only one of them has the latest qualifications, the decision won?t be a difficult one. If you?re safe and happy in your job (not only are you very fortunate) you can probably afford to wait until closer to the 2012 deadline. If, however, you?re looking to move between jobs within the industry then sooner is definitely better. So, how long can you wait?
The aim of this article was to introduce the topic of the Retail Distribution Review and offer a brief overview of what it actually is. This will act as the foundations for a short series of articles and updates to keep you involved with any developments and news about the market and RDR.
Share your thoughts, stay updated and don?t get left behind.
BWD is an award winning search and selection firm committed to delivering a first class service within financial services.
Since our incorporation we have provided recruitment solutions to a range of clients from large life offices, banking institutions and asset managers to independent financial advisors.
Source: http://www.short-articles.net/will-it-destroy-your-uk-insurance-business-retail-distribution-review/
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