Back
FSA delays consultation on data collection
10 September 2010
An FSA consultation paper detailing how it intends to collect data from firms as part of its pre- and post-RDR supervisory agenda has been delayed until Q1 next year. The regulator had intended to sound out the industry this autumn but says its pre-consultation work is taking longer than expected. A spokesperson for the FSA says: "As you can imagine, firms are very interested in data collection, and we are currently pre-consulting with industry through ongoing discussions and working groups to ensure the paper reflects conversations and considerations raised." In its March Policy Statement on the RDR, the FSA said collecting data would be "an important part" of its supervisory approach in the future. Prior to 2012, it plans to test firms' preparedness for the RDR by gathering data from advisory businesses. The information "will help identify those firms not taking any, or insufficient, action to prepare for the new requirements and those firms at greatest risk of exploiting the pre-2012 situation". By this, it explains spotting firms that may be intending to "manipulate" sales to avoid the adviser charging rules by shifting significantly from advised to non-advised business. After 2012, the FSA said it is considering using product sales data (PSD) returns submitted by provider firms and matching them with advisers' individual reference numbers to see which intermediaries are selling which products. Additionally, it says it will take a "strong interest" in the practices adopted by product providers that facilitate the collection of adviser charges. Published by IFAOnline
