Newsflash! The British have staged a revolution. A financial revolution, that is, called “Retail Distribution Review (RDR).” Haven’t heard of it yet? RDR debuted in the U.K. on December 31, 2012, but I’ve seen precious little coverage of it here in the U.S. In this uprising – a full, frontal attack on hidden fees and conflicted financial advice – I’m cheering on the Brits.
What’s Going On
In the years surrounding the new millennium, the U.K. empowered its newly formed Financial Services Authority (FSA) to implement the Financial Services and Markets Act 2000. FSA’s four-pronged mission: to improve market confidence, financial stability and consumer protection, and reduce financial crime. To these ends, the FSA undertook a review of the financial industry in 2006.
So far so good. But how often have we seen government agencies study … and study and study? This time, the FSA has something to show for it. That “something” is the RDR, and it’s taking on some of the financial industry’s most sacred cows. Continue reading “The RDR: The Biggest Financial News You Haven’t Heard”