The former UK financial services regulator, the Financial Services Authority (now the Financial Conduct Authority), launched its Retail Distribution Review (RDR) in June 2006. The review targeted the quality and standard of advice available to consumers in the United Kingdom retail financial services sector.
In summary, the regulator aspires to a market where:
- Information for consumer is clear, simple and understandable
- Firms are soundly managed, adequately capitalised and treat their customers fairly
- Regulation is both risk-based and principle-based and consumers are capable and confident
The professionalism of practitioners giving advice to retail customers and consumers has been a key part of this initiative; this is the area which involves the CISI which, as an accredited body, verifies the professionalism of Retail Investment Advisors.
The CISI’s vision of professionalism is complemented by the RDR. The CISI sees professionalism as the combination of knowledge, skills and behaviour – its work for members affected by the RDR will always ensure these three complement and enrich the high standards of professionalism already shown.
View our booklet on the RDR and SPS applications