Are you ready? Britain’s best kept Financial Services Secret

There has been a lot of work going on behind the scenes at Greycoat (and everywhere else in the Financial Services world) getting ready for 1^st January 2013 – probably the biggest shake up in our Financial Services Industry and certainly Britain’s best kept secret.

If you Google FSA RDR you’ll find the answer – discover what’s behind the secret…

…alternatively READ ON – through this Blog, we (Greycoat Financial Services) intends to tell you all we know about the Financial Management changes brewing now and ready to serve by the end of the year.

If you are a client seeking financial advice or part of the Professional Network with whom we work closely to provide that advice, this Blog will develop into a useful source of information; independent financial advice; views and opinion on Wealth Management; best practice advice on managing financial management accounts…

…and, we hope, some lighter thoughts to show that even in a pretty heavy subject like this...

...we’re just people (professional people) helping other people (you) grow, manage and protect their personal wealth.  

LET’S START

This is how the FSA – Financial Services Authority – describe RDR (which is what all the fuss is about) on their website:

The Retail Distribution Review (RDR) is a key part of our consumer protection strategy. It is establishing a resilient, effective and attractive retail investment market that consumers can have confidence in and trust at a time when they need more help and advice than ever with their retirement and investment planning.

If you then click ‘Firms’ you will read this:

The Retail Distribution Review (RDR) was set up with the aim to improve clarity for people who are looking to invest, raise the professional standards of advisers and reduce the conflict of interest which is found in remuneration for adviser services.

The RDR aims to ensure that:

·         consumers are offered a transparent and fair charging system for the advice they receive

·         consumers are clear about the service they receive; and

·         consumers receive advice from highly respected professionals.

To achieve this we have published new rules that will require:

·         advisory firms to explicitly disclose and separately charge clients for their services;

·         advisory firms to clearly describe their services as either independent or restricted; and

·         individual advisers to adhere to consistent professional standards, including a code of ethics.

These changes will come into effect on 31 December 2012 and will apply to all advisers in the retail investment market, regardless of the type of firm they work for (banks, product providers, independent financial advisers, wealth managers, stockbrokers). 

This is a good, simplified summary of how we are preparing for the New Year.

But if you are a client seeking or already enjoying the benefits of independent financial advice and click ‘Customers’ to find out what the changes mean to you, you’ll enter a labyrinth of headline-driven articles and comments to navigate.

It is not the easiest source of answers to the questions you’ve the right to ask, which is in part why we have started this blog. Because, after all, this is about you, your money and the advice that helps you grow, protect and manage your personal wealth as you build towards retirement or enjoy life and a healthy lifestyle in retirement.

Thankfully, we (Greycoat) have prepared for RDR early. If you’ve questions, please ask and we will answer them or direct you to a fellow professional who can.

For information and advice:

Greycoat Financial Services
205 Victoria Street
Westminster
London
SW1E 5NE

http://www.greycoat-ifa.co.uk/

T: 020 7821 2420

F: 020 7828 1188

E: mylife@greycoat-ifa.co.uk