Speaking to the BBC’s Money Box programme over the weekend, acting FCA chief executive Tracey McDermott said: “We do not want to go back a world where we had the problems of the pre-Retail Distribution Review – what we do want to look at is actually ‘what is the best way to deliver advice and guidance across the market?’
“So I wouldn’t rule out that there would be some element of commission – but we are not going to reverse RDR,” she said.
McDermott was responding to suggestions that the expert panel assisting with the Financial Advice Market Review (FAMR) is considering recommending the return of commission sales – something banned under the Retail Distribution Review (RDR).
“We have got 290 responses to the financial advice markets review from all sorts of bodies, including consumer bodies, and we’ll be looking at those carefully over the course of the next month or so,” she said.
A response to FAMR is expected to be made in, or around, the March Budget.
