The Financial Services Authority (FSA) has published the top 11 questions being asked by IFAs at its Retail Distribution (RDR) roadshows, being held around the country from 5 April to 27 September 2011. Advisers are invited to feedback to the FSA whether they agree with the answers to the FAQs by 22 September 2011.

The top questions (available here), include whether individuals without RDR qualifications can carry out fact-finds, what help advisers should expect from accredited bodies when they are preparing to meet the new professionalism requirements and what the new continual professional development requirements entail.

Russell Lane, Managing Director, Brunel Professional Risks, said: “From December 2012, every adviser will have to meet the new requirements of the RDR and the FSA’s recently published FAQs go some way to answering the main questions concerning IFAs.”

“The RDR is a massive change to the way financial advice is delivered in this country.  The new requirement for professional advisers to keep their professional qualifications up to date and to meet the requirements for either independent or restricted advice open up firms to a whole new set of risks.”

“Professional indemnity insurers will expect to see that advisers are right on top of the requirements of the RDR and firms will need to take even more care in presenting themselves to insurers if they are to secure comprehensive professional indemnity insurance cover at competitive rates.  We can help IFA firms with risk management advice and ensure that their business is presented to the insurance markets in the best possible light.”