27 April 2007

Financial Services Authority

http://www.fsa.gov.uk

Retail Distribution Review Conference

The Financial Services Authority (FSA) will set out the key issues for discussion on its major review of the retail distribution market at a conference on 27 June 2007.

The Retail Distribution Review, launched in June 2006, involves the FSA, industry and consumer representatives looking at the whole retail distribution chain from firms who manufacture products through to those that advise and sell to the public.

A number of severe failings in the current market were identified by the FSA's Chairman Callum McCarthy, last year, in a keynote speech where he asked if the present model is bust and called on industry to work with the FSA to address them.

The results of this work will be published by the FSA in a Discussion Paper at the Conference, at the QEII Centre in London. Callum McCarthy and the FSA's Managing Director for Retail Markets, Clive Briault, will both be speaking at the conference.

Stephen Bland, the FSA's Director leading the Retail Distribution Review, will be chairing the conference. He said:

"The conference will set out our thinking on the solutions and report on progress made over the last year on the five major themes of the Review: the sustainability of the retail distribution sector; the impact of incentives; professionalism and reputation; consumer access to financial products and services; and regulatory barriers and enablers.

"It is important that as many players as possible from all parts of the distribution chain attend the event to help us in our role as a catalyst for industry solutions that will improve market efficiency and lead to better outcomes for consumers. We are also looking at whether and how current regulation may present an unnecessary barrier to such market development."

Notes for editors

1. More information about the conference, including speakers, the programme and details of how to register are available on the http://www.fsa.gov.uk/pages/Doing/Events/pdf/retail.pdf FSA website.

2. The FSA launched its Retail Distribution Review in June last year with the specific aim of identifying and addressing the root causes of problems that continue to emerge in the retail investment market (which includes banks, life insurers, financial advisers, building societies and fund managers). Following extensive discussions with the industry and others, the FSA identified the five themes to be addressed by the review. Clive Briault announced these http://www.fsa.gov.uk/pages/Library/Communication/PR/2006/112.shtml five key priorities at the Ned Cazalet Consulting Conference on 2 November 2006.

3. To progress the review the FSA has sought input from working groups consisting of industry, consumer representatives and FSA staff for each theme. More information about the working groups can be found in FSA Press 006/2007.

4. In March the FSA provided a http://www.fsa.gov.uk/Pages/About/What/rdr/index.shtml brief update on the progress of the working groups and the outcomes we are seeking from the review.

5. The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection for consumers; and fighting financial crime.

6. The FSA aims to promote efficient, orderly and fair markets, help retail consumers achieve a fair deal and improve its business capability and effectiveness.

ENQUIRIES

Press: Robin Gordon-Walker 020 7066 3232
Outside office hours 07795 351 956
Public: FSA Consumer Helpline 0845 606 1234 (call rates may vary)
Website:  www.fsa.gov.uk

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