Andrew Strange, policy director, AIFA, said: "It's disappointing that the FSA is delaying the RDR report, but we understand the reasons for doing so. Given the significant changes in the FSA personnel responsible for the RDR, it is critical that Jon Pain and his new team take time to fully understand the issues and proposals in order to get this important initiative right.
"We believe that this additional time gives Jon the opportunity to engage with key stakeholders and we look forward to meeting with Jon to explain the AIFA position.
"The findings delivered within the interim report were exceptionally positive for IFAs and consumers alike, and this must continue.
"AIFA will continue to impress on the FSA the need to re-build consumer trust in financial services. To achieve this goal, the market needs a distinction between those who are on the side of the consumers: advisers, who are the agent of the client and are deeply committed to building an advice profession in line with other, recognised professions; and sales.
Paul Gough, head of retail financial services, at BDO Stoy Hayward, also said he understood the reasons behind the delay.
“The Retail Distribution Review (RDR) is a complex paper and there are a number of issues that still need to be fully resolved, including the issues of the definition of advice and remuneration of advisers. While this is not a significant delay, it is more important that the FSA get it right rather than rushing the feedback through.”
“However, one impact the delay will have is on those who have arranged meetings and seminars in the early part of November to discuss the results,” he continues. “These will now need to be rescheduled to the early part of December or even the New Year.”
The Financial Services Authority (FSA) announced yesterday that the full feedback statement will now be published in November.
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.
