27 Oct Personal Finance Society chief executive Fay Goddard Hits Out at FSA Over RDR
The chief executive of the Personal Finance Society, Fay Goddard, has claimed that the FSA "got it wrong" when mapping out the requirements for independence post-retail distribution review (RDR). She claims that the FSA made it too difficult for IFAs to retain their independence in 2013.
She commented "A lot of firms are emotionally attached to being independent but some may find they cannot be because the FSA has made it extremely challenging for advisers to do so.
"Being independent should have nothing to do with the products. It should be about advisers doing the best for their clients without any conflict of interest, such as having a contractual obligation with a fund provider."
She believes that advisers with a specialism would be restricted under the new system, stating "I think the FSA has got it wrong on this. An adviser has a duty to do what is best for their client.
Advisers should think “who am I working for?” and the answer is the consumer."