FSA keeps “open mind” over retail distribution review

The Financial Services Authority (FSA) has moved to assure the retail financial market that it is keeping an open mind on the outcome of its paper discussing the future of retail distribution. The FSA – which published its discussion paper in June after a year of deliberations – proposed a three-tier system of advisers which prompted concerns among independent financial advisers that they could lose their “independent” label in favour of a more general term, professional financial planners, and that they would have to forgo commission from providers to be recognised as independent.