Peter Hicks, Head of IFA Channel, Fidelity International, comments about the FSA’s Retail Distribution Review Interim Report

"We are pleased that the Financial Services Authority has seen sense, particularly on the whole of market requirement for independent advice. But we now urge the regulator to hasten implementation – further delay is not only of detriment to the industry, but more importantly to the consumer.

The interim report has successfully simplified the proposals; it’s also removed much of the perceived threat to the adviser industry. As it stands, the changes will also be good news for platforms as they are well-equipped to play a role in helping to separate adviser remuneration from product price.

“There are, however, some issues which remain and which will need careful consideration before these changes can be implemented - namely how to practically separate the price of products from remuneration and a review of maximum commissions. This is a nice idea but we have been there before and it didn’t work.”

FIL Limited (“FIL”) and its subsidiary companies serve the major markets of the world by providing investment products and services to individuals and institutional investors outside the US. FIL Limited manages a total of £150.9 billion of assets*. Notes to editors:
^{*Source: Fidelity as at 31.12.07
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