08 Dec Larger Firms Uncertain of Progress in terms of RDR

Recent research commissioned by the FSA has shown that larger firms are often less certain about where they stand in relation to the retail distribution review (RDR) than smaller firms, with smaller firms in general more able to keep up with qualifications and the like. The survey found that, whilst larger firms generally understand ethics and behaviour standards set forth by the RDR, many of them still have uncertainty over the statement of professional standing (SPS). According to http://www.citywire.co.uk to survey highlighted that firms containing 1-19 advisers had a 92% understanding of SPS, falling to 78% for firms with more than 20. A further drop to 73% was rec orded f or firms with 500 or more advisers. The report acknowledged "that this may reflect the system of internal communication within larger firms, rather than a potential problem relating to the introduction of the RDR requirements."