RDR: FSA listened to ABI and EC not IFAs on 'sales advice'

clock •

The FSA has ignored IFAs and listened to the views of providers and the European Commission in establishing a 'sales advice' channel with equivalent minimum qualifications to the IFA stream.

In its feedback to the RDR, the Association of British Insurers (ABI) urged the FSA not to restrict 'advice' to solely whole of market post RDR. The European Commission also put pressure on the FSA, with the regulator conceding in today's Feedback Statement that under EC guidelines, restricting the word 'advice' to the tied sales channel would conflict with the broad concept of 'investment advice' under MiFID. "In the light of the Commission's initial views, and our wider concerns on the market impact, we believe it is necessary to modify the IR (Interim Review) landscape, retaining a d...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

FOS received 3,600 pension complaints between April and September

FOS received 3,600 pension complaints between April and September

110,500 complaints in total

Sophia Panayi
clock 26 October 2026 • 2 min read
Editor's View: Bring on the Budget

Editor's View: Bring on the Budget

The editor's Friday Night Takeaway from 23 October

Jen Frost
clock 23 October 2026 • 1 min read
Feel Good Friday: Personal Finance Awards winners named

Feel Good Friday: Personal Finance Awards winners named

Awards ceremony took place yesterday

Professional Adviser
clock 23 October 2026 • 1 min read