AIFA policy director Andrew Strange has warned ministers the RDR is likely to be seen as a failure because it does not meet the key standards of good regulation, including avoiding constant flux.
The trade body warned the Treasury the FSA's successor can only help advisers by bringing in less change, fewer "new ideas" and more consistent delivery. In a report out today, A Manifesto for Regulation, AIFA says regulation should be governed by six high-level principles, including proportionality. Strange says: "Judging the current RDR by these six principles there is a real danger it will be seen as a failure. While we support the original objectives there is a serious risk of driving out good firms, increasing the costs of advice and reducing access to the financial services mark...
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