FSA brings RDR forwards

It will now be published in April 2008 rather than the initial scheduling date of June 2008.

The FSA decided to make this change after receiving 'significant feedback' earlier than expected.

Full implementation plans outlined in the more detailled report will be published in October, taking account of 'all regulatory implications.'

The FSA has said that it expects no slowing down of the overall RDR timetable, however it is keen to make sure any changes achieve the right outcomes and that they make a positive difference to firms and consumers. As the regulator's director responsible for the RDR Stephen Bland put it: "The overwhelming message we're getting from all in the market is that if we are to make regulatory changes, we must get it right."

He carried on: "We want to give the market as much information as we can, as soon as we can, about what we have heard and what we have found both in the interests of transparency and to keep up the momentum.

"We think we can achieve better outcomes overall by taking more time during the discussion phase of the RDR to develop the detail and consider the regulatory implications of that detail.

Indeed the issue of greater transparency tops the FSA agenda, Bland added: "It is clear that the feedback we are receiving adds up to a widespread view that the eventual RDR proposals will need to have greater transparency to consumers and market practitioners (including therefore a reduction in their complexity) if the RDR is to achieve the outcomes for the market and for consumers for which we are striving."