Mark Garnier MP, member of the Treasury Select Committee has been campaigning on the Retail Distribution Review since being elected in 2010, and before. RDR was started in 2006, but before this parliament, it has not received any scrutiny from parliament. Since being elected, Mark Garnier and fellow Conservative MP Harriett Baldwin have been raising the parliamentary profile on RDR, securing two debates and the important TSC enquiry.
A number of issues have been at stake, including the raising of the qualification hurdle, commissions versus fees and the time to implementation of RDR.
Mark Garnier said: "The report is balanced and seeks to take the views of both the advisors and the more disparate groups of consumers. Competition and choice is key.
"However, I have been concerned for some time that elements of RDR have not been in the best interests of consumers - especially consumers with lower incomes.
"I welcome the recommendation that the FSA (or its successor the FCA) implements RDR one year later in January 2014. I also welcome the recommendation that very experienced IFAs can be grandfathered through qualifications on a case by case basis.
"Importantly, I am delighted that the TSC has recognised that RDR may have negative impact on IFA numbers and as a result, the overall savings of the country. To that end it is recommended that the FSA / FCA maintain regular reports on the effects of savings and advisor numbers on an ongoing basis after implementation."