On 14 June 2018, the Financial Sector Conduct Authority published its Retail Distribution Review Status Update ("RDR Status Update"). A copy of the relevant document can be accessed here.
The RDR Status Update summarises the current implementation status of the 55 RDR regulatory proposals initially published in 2014 and sets out the proposed developments planned for the remainder of 2018, inter alia:
- that a discussion paper on the RDR proposals relating to Investment Management and Investment Advisers will be published before the end of June 2018;
- that during 2018 the Financial Sector Conduct Authority will:
- publish a discussion paper on Adviser Categorisation during 2018, which paper will, amongst other things, provide updated proposals on (i) the proposed two-tier adviser categorisation model; (ii) use of referrals and leads to meet "gap filling" needs in the tied advice models; and (iii) implications for juristic representatives and group structures; and
- publish a discussion paper on RDR remuneration dispensation for the Low Income Market, which paper will take into account the broader financial inclusion and transformation priorities of the Financial Sector Conduct Authority.
The RDR Status Update is provided for information purposes however comments by industry stakeholders are invited.