In light of the FSA’s long awaited Platforms Policy paper on the retail distribution review (RDR), Deloitte, the business advisory firm, says there is no time to waste if operational and control issues are to be tackled in time for the RDR deadline of 31 December 2012.
Andrew Power, lead RDR partner at Deloitte, the business advisory firm, comments:
“Many in the industry have been putting off decisions until the FSA published its paper. While the paper provides clarity on a number of matters, the major issue around cash rebates is not finalised, thus firms are going to have to make progress based on informed judgements rather than absolute certainty, if they are to meet the regulator’s deadline. The bottom line is that action cannot be deferred and, now, the onus is on careful planning and speed to execution.
“In order to meet deadlines, platforms will need to focus on the simplification and standardisation of their approaches to tackle the operational issues related to handling unit rebates, corporate actions and re-registration. A greater degree of interaction with end customers, manufacturers and distributors will be also be critical given the interdependencies between platforms. As firms absorb the FSA’s latest guidance and assess its effect, it will also be essential that discussion takes place between the various parties if an effective and viable post-RDR platform market is to be developed.”
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