Retail Distribution Review Timetable

Further Consultation papers are expected from the Financial Services Authority concerning :

Retail Distribution Review (RDR) - changes to the GABRIEL Reporting requirements inc Complaints; Product Disclosure charges following the introduction of Customer Agreed Remuneration; Capital Requirements and how to apply a consistent approach to expenditure based requirements (EBR).

By the end of 2011 - all IFA's (the FSA prefer to call them Personal Investment Firms or PIF's) must have arrangements in place to monitor and evidence that they hold the greater of £15,000 or one months EBR.

By the end of 2012 - Learning statements need to be in place and ALL advisers should have acquired the necessary level four qualifications plus gap filling where required.  All advisers need to be operating on a Customer Agreed remuneration / Consultancy Charging model . All advisers should describe their services as restricted or independent.

By the end of 2013 -  all PIF's will need to hold a minimum of 3 months EBR or £20,000.