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FSA/PN/088/2008
07 August 2008

The Financial Services Authority (FSA) today announced a change to the timetable for publishing feedback on the Retail Distribution Review (RDR) Discussion Paper.  The full feedback statement will now be published in November.

The RDR was set up to seek to improve the underlying efficiency of the retail investment market and brought together consumer and market representatives who contributed a series of ideas to a discussion paper, which was published in June 2007.

According to the current FSA timetable, a feedback statement was due to be published in late October.  However, in light of the appointment of Jon Pain, who joins the FSA as managing director of Retail Markets on 8 September, the statement is being moved back to November to enable Jon to fully engage with the process before delivering the next stages of the RDR.

Hector Sants, chief executive of the FSA, said:

“The RDR is one of the most significant projects in the retail agenda and the intention is that it will bring about lasting improvements for consumers and firms in the retail investment market.  Rightly, Jon Pain views this important piece of work as one of his key responsibilities and wants to ensure that he is fully involved in shaping its delivery.  Therefore, as Jon only joins the FSA in early September, we have agreed that it is right for the feedback timetable be moved by a few weeks.  We anticipate no slowing down of the overall programme of work.”

In November, the feedback statement will include the full feedback received during the discussion period along with the FSA's decisions on the future implementation of any regulatory changes coming out of the RDR, and the timetable for formal consultation on those changes.

Notes for editors

1. The FSA published an interim report in April 2008 setting out the current thinking on the RDR following a six-month consultation with the market last year.
2. The FSA's Retail Distribution Review Discussion Paper, DP07/1, was published in June 2007. For more details see press notice 076/2007. The RDR was launched in June 2006 by the former FSA chief executive John Tiner. The problems in the retail market were also highlighted by FSA chairman Callum McCarthy in a speech made at a Savings & Pensions Industry Leaders' Summit in Gleneagles in September 2006.
3. The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection for consumers; and fighting financial crime.
4. The FSA aims to promote efficient, orderly and fair markets, help retail consumers achieve a fair deal and improve its business capability and effectiveness.