20 Oct Cofunds Director Claims More Clarity Needed in RDR

The chief executive of Cofunds, Martin Davis, has claims that the FSA left it "dangerously late" to clarify a host of issues surrounding the RDR, including qualifications, simplified advice and legacy commission. Mr Davis recently spoke to the FTAdviser about the issues and claimed that many IFAs were finding that they still faced a host of issues with the RDR and that many of the fringe issues relating to the regulations are still not clear. He said that, with 14 months to go before the implementation of the RDR, these issues should have been solved by now, however the FSA is apparently dragging their feet. In the interview he commented "They should have been solved. I don’t pretend they are simple and easy as they are not, they’re very complicated. But, really, the market should have had clear guidelines around how RDR was going to work a year ago and they should have had clear guidelines about how platforms would work, certainly by now and preferably by the beginning of this year." He added "I do understand that it is complicated, I’m not trying to make out that it is easy. But it’s getting dangerously late to clarify some of these issues."